Bitcoin is Poised to Rally Towards $17,000 Next as Outlook Grows Bright

2020-11-16 19:39

Bitcoin has seen a quiet weekend of trading, with the cryptocurrency struggling to gain any immense momentum as bulls and bears reach an impasse This has led to a prolonged bout of sideways trading around $16,000, with bulls and bears both struggling to gain control of its near-term Its recent price action has done little to provide any insights into where it might trend over a mid-term time frame That being said, one analyst is now noting that a rally up towards $16,600 and beyond could be imminent in the near-term He is pointing to one key level that must be broken above for it to rally higher

Bitcoin and the aggregated crypto market are currently consolidating, with buyers and sellers both struggling to gain any control over its near-term outlook.

Where the entire market trends next will depend on BTC, and there’s a solid chance that a prolonged bout of sideways trading will actually bode well for altcoins.

One trader is now looking towards $16,600 as a near-term target, noting that a break above $16,150 must come about first.

Bitcoin Consolidates as Altcoins Continue Gaining Momentum

At the time of writing, Bitcoin is trading down marginally at its current price of $16,000. This is where it has been trading throughout the past few days and weeks, with buyers and sellers unable to spark any near-term trend.

Where the cryptocurrency trends in the near-term will have a large impact on altcoins, as they have been rallying as a result of BTC’s stability.

It does need to close its weekly candle tonight above $16,000 to see any strength in the week ahead. A close below this level could strike a serious blow to the aggregated cryptocurrency market.

Trader Claims Push Towards $16,600 is Imminent 

While speaking about Bitcoin’s technical outlook, one analyst explained that the benchmark cryptocurrency could soon push past $16,600 if it can reclaim one key level.

This level sits at $16,150 and could soon be surmounted by the crypto – if bulls can gain momentum.

“BTC – Highs are looking ripe for the taking. A move to $16.6k should take care of that. Further confirmation on a reclaim of $16,150.”

Image Courtesy of UB. Source: BTCUSD on TradingView.

The coming few hours should shine a light on where the entire market will trend in the days and weeks ahead.

Featured image from Unsplash. Charts from TradingView.

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