Bitcoin is surging despite weakness in the altcoin market. Since bottoming at $9,800 last week, the coin has gained $1,000 and over 10% as its price has reached $10,850 as of this article’s writing. Earlier today, the coin traded as high as $10,900 as buyers stepped in, seemingly responding to MicroStrategy purchasing over 10,000 coins.
The leading cryptocurrency’s rally may soon end, though.
Analysts in the space are currently eyeing $11,000-11,200 as a potential region where Bitcoin’s ongoing move higher will come to a stop.
This does not take away from the long-term fundamentals of BTC, which most respected commentators remain in a positive state.
Related Reading: This European Crypto Exchange Was Just Hacked for $5 Million
Bitcoin’s Uptrend Could Top At $11,200: Here’s Why
Bitcoin’s uptrend could stall in the $11,000-11,200 range, analysts have said in response to recent price action.
One market commentator shared the chart below on September 15th. It shows that BTC’s price action seems structurally similar to the price action before the capitulation vent in March.
This comparison indicates that should history repeat itself, Bitcoin will top right around $11,000, then begin a strong descent to the downside.
Chart of BTC's price action over the past few months from trader NebraskanGooner. Chart from TradingView.com
Another trader shared the sentiment, posting this chart that shows that $11,000-11,200 will likely be the point at which BTC’s rally
Discussion about this post