Bitcoin Prepares to Rally to $12,000 as Price Forms Historically Bullish Pattern
After attempting to break decisively past $10,000 for the second time in a week, Bitcoin was rejected, plunging as low as $9,200 for the umpteenth time in a matter of days. After attempting to break decisively past $10,000 for the second time in a week, Bitcoin was rejected, plunging as low as $9,200 for the umpteenth time in a matter of days.
The tepid price action has made some investors cautious that more downside for the flagship cryptocurrency is possible, citing the loss of the key $9,500 support.
Prominent analysts, however, have begun to spot silver linings in Bitcoin’s chart that are suggestive of a reversal to the upside, not an extension to the downside as some analysts have come to expect.
Bitcoin Readies for Next Leg Higher
Bitcoin seemingly moves without rhyme or reason, but the cryptocurrency, just like any other asset, has patterns, has rhythms, that may lend insight into future price trends.
Mohit Sorout — a partner at crypto hedge fund Bitazu Capital — shared once such pattern when he published the chart below, indicating that Bitcoin “loves to paint” this price action.
Not the Only Positive Sign
Sorout’s schematic isn’t the only sign suggesting that Bitcoin will soon make a run past $10,000 to new all-time highs.
The same trader that predicted Bitcoin would bottom at $3,200 six months before it did argued this week that BTC’s chart implies an imminent upswing towards the $12,000 region.
In reference to the chart below, the analyst remarked that “Bitcoin [recently] smashed past” a key technical resistance while the cryptocurrency has held crucial technical levels. This led him to the conclusion that a move towards $11,500 in July is possible.