A new technical pattern shows Bitcoin could explode to $12,000 after the sharp rebound overbought that allowed it to reclaim its position in the mid-$9,000 regions as we are reading in the following Bitcoin news.
This came after the period of weakness as it traded within the lower range of $9,000 and it seems that the recent volatility allowed Bitcoin to form huge bullish technical information after the sharp rebound. If Bitcoin posts a breakout out of this formation, the cryptocurrency could soon be trading at a new fresh yearly high of around $12,000. Bitcoin and the entire crypto market were caught within the macro bout of consolidation. BTC was having a hard time gathering enough momentum to break the $10,000 level, leading most of the assets to fall within the firm trading ranges.
It now seems that the number one cryptocurrency could soon put an end to this as many of the analysts are now pointing to the existence of a bullish triangle formation as a reason why it could surge higher. As for now, this could lead BTC to a new high of $12,000 according to traders. At the time of writing, Bitcoin is trading up just under 2% of the current price at $9,590. This also marks a huge notable climb from the daily lows of $9,300 which were set yesterday while the crypto got lower.
This also tempered the weakness which proved to be short-lived and the buyers’ defense of the region seems to suggest that it is bound to see a further near-term upside. If the technical pattern proves correct, it could face multiple strong resistance levels over the upper $9,000 region. the ultimate resistance sits at $10,000 but it also faced a lot of downtrend including the rejections at this level. there is one technical pattern that bitcoin formed which could help it surmount the resistance.
One analyst explained the pattern saying it is the ‘’pennant that bears don’t want you to see.’’ The pennant pattern is clearly defined and it could spark some momentum if Bitcoin breaks the upper boundary. These patterns have a tendency of starting new upwards movements but the resistance that lies above Bitcoin’s present price is significant.
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