Bitcoin is trading at $ 11,400 and this is a good thing. At the same time, everyone is waiting for BTC to set a new high above $ 20,000. In this article, we present traders’ predictions for Bitcoin.
Note, in these forecasts, we will discuss that Bitcoin has to keep growing if the rate successfully overcomes the $ 12,000.
The first predictor is Chris MMCrypto (he is known for his high-flying moon moods). Let’s see what he thinks about such movement:
Bitcoin pump occurred at a very large volume, which indicates a further continuation of the upward movement.
The price is likely to retreat, but then bounce off the upper border of the triangle and continue to go up. Further growth could raise the rate to $ 11,760 if based on Chris’s goals.
We need to get there because when Bitcoin breaks through resistance, it takes several steps up. Therefore, there is a good chance for another rally. Such examples have been in the history of Bitcoin and they may be repeated.
Chris also notes that when Bitcoin reaches this level, its main struggle will begin. We have to break the strong resistance zone from $ 12,000 to $ 12,500 again. We are not repeating the scenario of the previous year and the course will be able to set new records now if Bitcoin passing it.
The second guest is Tyler S. He starts by explaining how Bitcoin made a fake breakdown, bounced off support, and rose immediately to the next resistance at $ 11,700:
Tyler also marks the next resistance at the level of $ 12,000 if Bitcoin keeps rising. At the same time, the current triangle, the pattern from which we now went up, shows that the bulls may have enough strength to rise above $ 12,000, possibly even up to $ 12,300. But there is a chance that we will witness a very powerful movement up to $ 13,000 right away.
On another chart, Tyler demonstrates that BTC rate is at the lower limit of the channel and should now move towards its center. The next resistance will just be $ 13,000. In addition, we can see that Bitcoin levels the “bearish cross” and a little more and the lines will form a “golden cross”. This increases the chances of continued growth and the scenario when Bitcoin literally flies the segment between $ 12,000 and $ 13,000.
Another pros for bulls is getting support for six weeks from the 21-week moving average. Keeping this trend in mind allows us to be very bullish and assume a scenario in which a new high in price will be set over the next few months. Perhaps even before the end of 2020.
The movement that two previous guests spoke of survived, again:
The trader notes that the support at $ 11,400 proves to be very strong, although it does not exclude a reversal and fall into distant depths, up to a gap of $ 9,700. This is the crypto market, absolutely everything is possible on it.
As Crypto Zombie explains, Bitcoin is right in the middle of an upward channel. From here, we can continue to grow towards its upper border, which is $ 12,800 or go down, and while we trade up to $ 9,800, it will still be an upward movement.
Moreover, the general picture also says that Bitcoin is above the upper border of the triangle. The cryptocurrency can get support from it, after which it will start a new rally.
Therefore, the chart is still very bullish and there is a good chance of rising above $ 12,000 on the next reversal even if the price does not hold above $ 11,000.
The trader maintains such a bullish attitude thanks to the monthly chart. Three candles are already closing above the support line and the pattern is contracting. We will soon come to a resistance of $ 12,000, after which an open road to space opens up for Bitcoin. Further, in fact, there are no resistances and Bitcoin will be able to update the historical maximum of its price.