Here’s Why Analysts Think Bitcoin Will Rally Towards $17,000 by EOY

Here’s Why Analysts Think Bitcoin Will Rally Towards $17,000 by EOY

  • Bitcoin’s price has been caught within a consolidation phase around $13,000 ever since it was rejected at its recent highs of $13,200
  • This is around the price at which it has been trading throughout the past few days, with buyers and sellers being unable to take control of its near-term trend
  • Yesterday, bulls did attempt to set fresh yearly highs and kickoff a leg higher, but it resulted in a rejection
  • This shows that buyers don’t currently have enough support for another push higher
  • One analyst explained that a push towards $17,000 could be just months away, but it may first see some consolidation

The cryptocurrency has been unable to spark any sustained moves past ,200, signaling that the selling pressure here is significant and may continue slowing its ascent.
Featured image from Unsplash.
Charts from TradingView.

“I think this is a likely scenario, not expecting a clear breaker above ,000 yet. A retest of previous resistance zone to build momentum towards the next rally towards ,000 beginning next year.”
At the time of writing, Bitcoin is trading down just over 1% at its current price of ,000. This is around where it has been trading throughout the past few days.

Bitcoin Consolidates Around $13,000 as Buyers and Sellers Reach an Impasse

Its inability to see any sustained rally does indicate that the selling pressure it is facing above its current price level is quite significant.
As such, one analyst is noting that a move to ,000 could be just a couple of months away.
Yesterday, bulls attempted to break this trend and propel it higher, but a move past ,300 resulted in an influx of selling pressure that sent it reeling lower.
Bitcoin and the aggregated crypto market are consolidating following Bitcoin’s recent rejection at its yearly highs.

BTC Poised to See a Sharp Climb to $17,000, Claims Analyst

He is specifically pointing to ,000 as a target that he expects to be reached by the end of the year.
Image Courtesy of Crypto Michael. Source: BTCUSD on TradingView.

Where it trends next should depend largely on whether or not it can push past the resistance laced throughout the lower-,000 region.

Despite its short-term trend being somewhat unclear, there’s no questioning that Bitcoin’s macro trend is shaping up to be extremely bullish.
Despite this micro weakness, one analyst is noting that Bitcoin is positioned to see some major upside in the months ahead.

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