Bitcoin Likely to Hit $11,000 Before $12,000 as Cost Hits Key Resistance
Cost tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Likely to Hit $11,000 Before $12,000 as Price Hits Key Resistance
Bitcoin is likely to fall towards $11,000 in the coming days, analysts say. The cryptocurrency is likely to do so as it has formed a strong rejection in the $11,400 resistance level, which has been a degree of importance for the advantage on a short term and long-term foundation.
The macro trend still easily favors bulls, analysts say.
The analyst who shared the chart below says that Bitcoin will probably hit $11,000 until it rallies to $12,000. He added that around the $11,000 area, even towards $10,800, he’ll be a net buyer of Bitcoin since the coin is likely to bounce after interacting with that range.
This analysis suggests that Bitcoin will soon see another powerful leg higher, which should push it to $13,000 at the end of November or at least at the end of the year.
Lingham is also a partner at Multicoin Capital. Multicoin Capital is a top investor in the crypto space, investing in top projects and having released a series of good pieces on marketplace trends.
A crypto-asset analyst who specializes in market cycles recently shared the chart below. It shows that BTC’s price action now looks very similar to the route that the market took in the last market cycle, from 2013 to 2016.
Chart of BTC’s price action over the past few years with a market cycle analysis by crypto dealer Polar Hunt (@Polar_hunt on Twitter).
Vinny Lingham, chief executive of Civic, believes that the coin could rally three times to five times in the coming 12 months as the macro trend remains bullish:
Chart of BTC’s price action over the past few months with a market cycle analysis by crypto dealer Mac (@Macn on Twitter).
Technical analysis agrees with this cheery sentiment.
“I have not been this bullish on #Bitcoin since 2016. Macro events are teeing up us for another bull run. BTC could go 3-5X in the next 12 months, but if it goes 5X+, we are back to bubble zone. Key indicator is BTC dominance — if it drops below 35% during the run, caveat emptor.”
Released at Fri, 16 Oct 2020 23:59:06 +0000
Source: BTCUSD from TradingView.com