Bitcoin and the aggregated crypto markets have been incurring massive volatility as of late, with BTC testing and failing to break above the $12,000 region on multiple occasions over the past couple of days.
Despite this, this price region has proven to be a strong level of resistance for the cryptocurrency, and one analyst is noting that a decisive break above this price could lead to a massive uptrend that brings BTC back towards its previously established all-time-highs.
Bitcoin Struggles to Break Above $12,000 as Bulls and Bears Battle
At the time of writing, Bitcoin is trading up over 3% at its current price of $11,900 and is up significantly from its daily lows of $11,500, and is up even further from its weekly lows of $9,900.
Although BTC has been in a firm uptrend over the past couple of weeks, it has struggled to decisively break above $12,000, and has faced swift rejections which each time it attempted to push into this region.
Now, analysts are noting that this level is critical for Bitcoin, as a decisive break above it could spark a long-term uptrend that allows BTC to surge back towards, and possibly above, $20,000.
Jonny Moe, a popular crypto analyst on Twitter, spoke about this possibility in a recent tweet, saying:
“If $BTC gets through this ~$12,100 level, we very likely are going to put in this large cup & handle-ish pattern, at which point new 2019 highs are very likely, and I take back everything bearish I ever said about the bitcorn!”
Analysts Concur That BTC Currently Looks Strong
Although it remains unclear as to whether or not BTC will be able to decisively break above this key price level, analysts are noting that the crypto does appear to be technically strong at the moment.
UB, another popular cryptocurrency analyst on Twitter, explained that he believes BTC looks technically sound, so long as it closes its 4-hour candle above $11,800.
“$BTC – Still looking strong here. An early signal for me to possibly get out of my longs would be a 4h close below $11.8k. Overall, I’m not spending too much time looking at LTF charts. Thin books can lead to false signals here and there,” he explained.
It is highly probable that analysts and investors alike will soon understand which direction Bitcoin will trend next in the coming days or weeks.