After the 4% loss sustained earlier this week, Bitcoin (BTC) bounced back on Tuesday, surging faster than it had crashed just a day earlier.
As of the time of writing this, the price of the leading cryptocurrency has returned to $10,300 — the highest the asset has traded at in months — after peaking at $10,400 on the day.
Bitcoin, having just made a daily candle close in this range (forming a bullish engulfing candle), is purportedly ready to extend its gains in the coming days, top analysts have said in recent analyses.
Bitcoin Could Soon Surge Towards $11,000
Prominent cryptocurrency chartist FiboSwanny posted today that a good close in the price of Bitcoin could prime the asset for a rally to the $10,800 to $11,000 region — 4.8% to 6.7% higher than the current price, respectively. There exists a confluence of Fibonacci Retracements of Bitcoin’s price action over the past year around $11,000.
It isn’t only FiboSwanny who is eyeing $11,000 as a near-term target for the price of BTC.
Leading Bitcoin analyst Financial Survivalism (also known as Sawcruhteez) noted on January 28th that BTC has formed a medium-term cup and handle reversal pattern.
The cup and handle is an often-bullish chart pattern that sees an asset form two rounded trends, forming the cup and its respective handle. This specific cup and handle has a targeted move of around $11,675.
#Bitcoin just confirmed a cup and handle with today's close. If it can reach it's target of $11,675 then it would be the first higher high on the weekly in seven months. 🚀 pic.twitter.com/wZSTgzSCCt
The Lucid Stop and Reversal has printed a bullish candle for the first time since July 2019, when BTC was trading well above $10,000.
The Average Directional Index on a daily basis has seen the first bullish crossover since March 2019.
And much more.
There’s also an analysis by Wall Street research firm Fundstrat Global Advisors, which revealed that whenever Bitcoin crosses above its 200-day moving average, the six-month forward average gain is 197%, implying a price of far above $20,000 by July or August.