Bitcoin and the entire cryptocurrency market are currently in their next consolidation phase. This comes just days after experiencing intense upward momentum that ended the previous side trading match. The BTC surge recently hit a high of $ 11,400. Here the rally loses momentum and the price starts to fall.
One analyst recently shared his thoughts on Bitcoin and noted that last week’s close was particularly strong. He doesn’t see any reason why BTC can’t hit $ 12,000 this week.
At the time of writing, Bitcoin is trading just under 1% with a current price of $ 11,290. This is a slight drop from recent highs above $ 11,400. Where the next market trend is most likely depends heavily on Bitcoin and whether or not it extends that minor downside momentum. There is a possibility that BTC will continue to decline until it reaches the CME gap formed during its latest surge, which is around $ 11,100.
Bitcoin could jump to $ 12,000, according to one analyst. Citing the strength of the cryptocurrency’s upcoming weekly candle, he noted that there is no reason the price will experience major volatility in the days ahead.
“BTC: Heck of a weekly close for Bitcoin. Price is back up in previous range prior to breakdown and personally, I don’t see why we can’t see $12k this week. Take it day by day, level by level,” he said.
Bitcoin is currently driving the entire crypto market and is expected to do so next week. This also makes its price movements important for understanding altcoins.