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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
At the time of writing, Bitcoin<\/a> is trading up over 3% at its current price<\/a> 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Jonny Moe, a popular crypto analyst on Twitter, spoke about this possibility in a recent tweet, saying:<\/p>\n\n\n\n \u201cIf $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!\u201d<\/p>\n\n\n\n