Bitcoin Could Soon Rocket to $11,900 as Consolidation Phase Nears Its End

Bitcoin Could Soon Rocket to $11,900 as Consolidation Phase Nears Its End
ôîòî ïîêàçàíî ñ : newsbtc.com

2020-10-6 19:00

It has been a rocky past few days for Bitcoin and the aggregated crypto market. While BTC is stuck within a bout of sideways trading, altcoins have been facing massive inflows of selling pressure as investors flee “beta assets.”

It does appear that BTC is waiting on the stock market to provide it with some directionality, as it has been closely tracking the traditional market’s every move throughout the past few weeks.

This may mean that, until progress is made when it comes to round two of federal stimulus, the benchmark cryptocurrency will extend its ongoing consolidation phase.

Analysts are still confident that Bitcoin could be positioned to see some notable upside in the near-term.

One trader is specifically setting his sights on a move up towards $11,900 in the near-term, explaining that this level could be where it finds some resistance that slows its ascent.

Another respected trader echoed this sentiment, noting that although he is uninterested in trading the cryptocurrency’s current range, he does believe that BTC will end the year significantly higher than where it is currently trading at.

Bitcoin Struggles to Gain Momentum as It Incurs Choppy Trading

At the time of writing, Bitcoin’s price is trading down marginally as it hovers around $10,700. This is around where it has been throughout the past few days.

One analyst explained in a recent tweet that this current bout of choppy trading is unpredictable and not ideal for trading, but he still anticipates the crypto to end the year higher than where it is currently trading at.

“I’m not that bearish BTC but have no interest in trading this range. I like catching trends. I’m holding long term bags for long term plays, not interested in jumping anything short term. I’m strongly leaning towards us ending the year BTC much higher than here.”

Analyst: BTC Poised to Rally Towards $11,900 in the Near-Term

While speaking about where the entire market trends next, one analyst explained that he expects the cryptocurrency to rally towards $11,900 in the near-term.

He put forth a chart showing this possibility, noting that the crypto is currently trading above a robust support level.

Image Courtesy of Credible Crypto. Chart via TradingView.

The coming few days and weeks should provide some insight into where Bitcoin will trend throughout the rest of the year.

It may primarily depend on how the stock market trends based on news relating to a potential round two of federal stimulus.

Featured image from Unsplash. Charts from TradingView.

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