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.
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.
Whatever the case, there are technical data and charts backing the idea that Bitcoin will continue to rip higher in the coming weeks.
Survivalism, in a TradingView post entitled “Why I believe Bitcoin will retest All Time Highs by July 1, 2020,” made a case for BTC to retest $20,000 by July 1st, 2020. He cited the following technical factors and many 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.
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