- Bitcoin’s price has been consolidating in the time following its strong surge up to highs of $11,400
- The cryptocurrency has yet to revert any of these gains and appears to be gearing up for another big push higher
- Where the market trends next will likely depend on BTC, as it has been firmly guiding the altcoin crypto market
- One analyst is now noting that Bitcoin could soon see a move to over $14,000, but he notes that it first needs to post a clean break of $11,600
- He believes that it is more likely that it will face a rejection at this level and reel lower
Bitcoin and the entire crypto market have been caught in the throes of a consolidation phase in the time following BTC’s surge from ,600 to ,400.
BTC’s momentum has slowed, but this may mark bulls’ attempt to garner enough support to spark a continuation of this uptrend.
Bitcoin has remained strong despite bears attempting to thwart its uptrend. It is currently trading up nearly ,000 from where it was just over a week ago.
Image Courtesy of Mac. Chart via TradingView.
He notes that it all depends on how BTC reacts to ,600, a key near-term resistance level to observe.
This strength may extend further, as its ongoing consolidation phase does appear to be shifting the cryptocurrency’s trend and positioning it for further upside.
This move was significant and seemed to indicate a trend reversal working in favor of buyers.
Analyst: BTC Could Break $14,000 if It Surmounts One Key Level
Featured image from Unsplash.
Charts from TradingView.
“BTC: If ,600 gets flipped I see a clean k+… Until then I think we reject/range around ,600 and dump lower,” the analyst said while pointing to the below chart.
Despite Bitcoin’s slowing momentum as it hovers around ,400, one analyst believes that it is on the cusp of potentially seeing significantly further gains in the days and weeks ahead.
One analyst is now noting that a move past ,000 could be imminent in the near-term if the crypto can surmount ,600.
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