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21 September 2021
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Bitcoin

THIS TECHNICAL PATTERN SIGNALS BITCOIN IS ABOUT TO EXPLODE TO $12,000

  • Bitcoin saw a sharp overnight rebound that allowed it to reclaim its position within the mid-$9,000 region
  • This came about after a period of weakness as it traded within the lower $9,000 region
  • It now appears that the crypto’s recent volatility has allowed it to form an incredibly bullish technical formation
  • If it posts a breakout of this formation, the crypto could soon be trading at fresh yearly highs of around $12,000

Bitcoin and the aggregated crypto market have been caught within a macro bout of consolidation. BTC has been struggling to garner enough momentum to break $10,000, leading most altcoins to also fall into firm trading ranges.

It now appears that the benchmark cryptocurrency could soon put a firm end to this, however, as multiple analysts are now pointing to the existence of an incredibly bullish triangle formation as a reason why it may surge higher.

As for how high this could lead BTC, one trader is setting his sights on the macro resistance that exists around $12,000.

BITCOIN REBOUNDS FOLLOWING BOUT OF WEAKNESS YESTERDAY

At the time of writing, Bitcoin is trading up just under 2% at its current price of $9,590. This marks a notable climb from daily lows of $9,300 that were set yesterday while the crypto inched lower.

This tempered weakness was short-lived, and buyers’ firm defense of the lower-$9,000 region certainly seems to suggest that it is bound to see further near-term upside.

  • Bitcoin saw a sharp overnight rebound that allowed it to reclaim its position within the mid-$9,000 region
  • This came about after a period of weakness as it traded within the lower $9,000 region
  • It now appears that the crypto’s recent volatility has allowed it to form an incredibly bullish technical formation
  • If it posts a breakout of this formation, the crypto could soon be trading at fresh yearly highs of around $12,000

Bitcoin and the aggregated crypto market have been caught within a macro bout of consolidation. BTC has been struggling to garner enough momentum to break $10,000, leading most altcoins to also fall into firm trading ranges.

It now appears that the benchmark cryptocurrency could soon put a firm end to this, however, as multiple analysts are now pointing to the existence of an incredibly bullish triangle formation as a reason why it may surge higher.

As for how high this could lead BTC, one trader is setting his sights on the macro resistance that exists around $12,000.

BITCOIN REBOUNDS FOLLOWING BOUT OF WEAKNESS YESTERDAY

At the time of writing, Bitcoin is trading up just under 2% at its current price of $9,590. This marks a notable climb from daily lows of $9,300 that were set yesterday while the crypto inched lower.

This tempered weakness was short-lived, and buyers’ firm defense of the lower-$9,000 region certainly seems to suggest that it is bound to see further near-term upside.

Nevertheless, another analyst recently pointed to the same pattern, explaining that he believes it will ultimately lead the cryptocurrency up to $12,000.

“Symmetrical triangle formed on BTC. Slight chance of a dip to low 9000s but that’s it. $12K is on the way,” he explained while pointing to the chart seen below.

Bitcoin

Image Courtesy of Galaxy

If this does play out as he anticipates, Bitcoin appears to be well poised to set fresh yearly highs.

News source

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