Bitcoin has been on a tear over the past several days, running from the lower-$9,000 region towards $11,000, which remains a key psychological price level for the cryptocurrency.
Analysts are now noting that it is probable that it continues moving higher in the near-future and may surge towards $11,200 before it incurs a slight pullback.
Bitcoin Runs Past $10,700 and Shows Few Signs of Slowing Down
At the time of writing, Bitcoin is trading up nearly 4% at its current price of $10,700 and is up significantly from its 24-hour lows of nearly $10,000 that were set yesterday.
Over a one-week period, Bitcoin has risen sharply from its lows of roughly $9,400, and it has been posting consistent gains ever since it set these lows last Thursday.
Previously, $10,000 has proven to be a strong level of support, so Bitcoin’s ability to reclaim this level is a bullish sign that may signal that further continuation of its recently incurred upwards momentum is imminent.
The Crypto Dog, a popular cryptocurrency analyst on Twitter, recently shared a bullish sentiment on BTC in a recent tweet, explaining that he sees “no reason to short BTC before $11,200,” while pointing to a chart that shows a descending trendline that the crypto has yet to touch.
“I’ll echo the same thoughts as everyone else – I see absolutely no reason to short $BTC before $11,200.”
The Crypto Dog is not alone in his bullish view of Bitcoin’s near-term price action, as Mr. TA – another popular analyst – recently explained that he believes that Bitcoin’s ability to stay stable after its slight rejection at $10,800 means that it is currently consolidating before it begins climbing past $11,000.
“M15 Bitcoin: A shakeout just under resistance (10807) and strong buying back. Looks to me like consolidation under resistance before going up to test 11000. Already in a long from 10440 targeting 10790. Probably gonna be a bit more flexible with that and take profits at 10900,” he explained.
In the short-term, it is clear that Bitcoin is currently in a firm uptrend, but whether or not it is able to continue extending this trend in the mid and long term is still unclear.