- Bitcoin is eyeing a breakout towards $12,000, according to crypto-chart analyst Josh Rager.
- The analogy appears out of Ethereum’s latest upside move from a consolidation range.
- Mr. Rager sees Bitcoin repeating the same bullish action as it trades inside a similar sideways pattern.
Bitcoin is at the cusp of hitting $12,000 in the coming sessions, according to an inter-coin fractal shared by Josh Rager.
The market analyst noted that Bitcoin is almost mirroring the recent price moves of Ethereum, the second-largest cryptocurrency by market cap. Earlier yesterday, the ETH/USD exchange rate broke out of its consolidation range.
Ethereum breaks upward of its sideways consolidation pattern. Source: TradingView.com
The pair rose by more than 6 percent from the point of the breakout.
Mr. Rager spotted BTCUSD in a similar Triangle-like range. He said in a Friday tweet that the cryptocurrency could break above the pattern–just like Ethereum did– and attempt a close above $12,000.
BTCUSD price in the Ethereum-like consolidation channel. Source: TradingView.com
A Bull Triangle
The reason for Mr. Rager’s bullish Bitcoin prediction also resorted to the shape of its current consolidation pattern. It technically resembles a symmetrical triangle, confirmed by its two converging trendlines. It is a continuation pattern that typically sends the price in the direction of its previous bias.
In the current case, BTCUSD was rising before it formed the Symmetrical Triangle pattern. As a result, the cryptocurrency should ideally continue trending upwards upon breaking it. Meanwhile, the length of the breakout should be as much as the maximum height of the Triangle.
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