- Bitcoin’s price has found some notable stability in the time following its intense rally past $11,000 seen yesterday
- Although the cryptocurrency has not yet retraced following this incredible movement, it does appear to be facing some resistance above its current price levels
- BTC is now establishing the $11,000 level as support, which is a highly bullish sign – according to analysts
- One prominent trader who forecasted this latest movement is now noting that the crypto could be well-positioned to rally up towards $18,000 in the near-term
Bitcoin and the entire cryptocurrency market are cooling off following the intense volatility seen yesterday.
BTC and Ethereum have both been firmly leading the market, causing many altcoins to shed a significant amount of their value as investors flee to quality.
Overnight, however, the benchmark cryptocurrency’s uptrend stalled, allowing altcoins to recapture some of their recent losses.
Analysts are now noting that Bitcoin could be well-positioned to see further near-term upside.
One trader who forecasted this latest movement higher quite some time ago is now noting that the classic breakout and retest it has posted opened the gates for further upside.
He even thinks that this could lead BTC as high as $18,000 in the mid-term.
Bitcoin Consolidates Around $11,000 Following Latest Movement
At the time of writing, Bitcoin is trading down marginally at its current price of $11,020. This is around the price at which it has been consolidating around throughout the past twelve hours.
During yesterday’s violent push higher, BTC bulls shattered all the resistance that previously existed at this level.
It now appears that they are trying to establish this as a strong base of support.
One analyst explained in a recent tweet that the last hurdle before BTC sets significantly higher highs is the region between $11,200 and $11,700.
He also forecasts that BTC’s momentum will now slow, allowing altcoins to race higher.
“The whole breakout surprised me with the speed (regardless of being bullish). Last hurdle before $15,000 is this area between $11,200-11,700. I think we’ll settle down -> next round of altcoins,” he said while pointing to the chart seen below.
Image Courtesy of Crypto Michaêl. Chart via TradingView.
This Analyst Now Believes $18,000 is in the Cards
While speaking about how this latest volatility has altered Bitcoin’s macro market structure, one analyst offered a positive outlook on the cryptocurrency.
The trader – who had been calling for this movement for quite some time – explained that BTC’s clean breakout and retest of support has opened the gates for another impulse higher.
“BTC giving the cleanest breakout-retest setup I have seen in a very long time whilst each corrective wave since 4K has been vertical re-accumulation. This has all characteristics for a strongly extended fifth – aside from BTC generally loving extended fifths.”
Image Courtesy of BTC JackSparrow. Chart via TradingView.
As seen on the above chart, his upside targets sit between $16,000 and $18,000.
Featured image from Unsplash. Charts from TradingView.