Bitcoin BTC

$11,700: Bitcoin Could Soon Undergo a Massive Upside Movement Because of These Factors

Bitcoin’s firm 2020 uptrend has extended today, as the cryptocurrency has been able to post a notable climb from its recent lows of $8,200 that were set earlier this week when the cryptocurrency’s sellers made an attempt to push the cryptocurrency significantly lower.

In the near-term, analysts are noting that the cryptocurrency’s ongoing attempt to break back above $9,000 signals that bulls have some underlying strength, and analysts are now widely targeting a significant upside movement.

As for how high the ongoing rally could extend, one prominent analyst is noting that it is possible that it moves towards $11,700 before slowing down.

Bitcoin Rallies Towards $9,000, and The Move May Not Be Over Yet

At the time of writing, Bitcoin is trading up nearly 4% at its current price of $8,900, and it is trading down marginally from daily highs of $9,000 that were set this afternoon when bulls attempted to break this support level.

In the near-term, the two key resistance levels that analysts are watching sit at $9,000 and $9,200 respectively, as these were the two levels at which the cryptocurrency faced a significantly amount of selling pressure during its previous rally incurred a couple of weeks ago.

The Cryptomist, a popular crypto analyst on Twitter, told her nearly 45k followers that the break above resistance at $8,700 has led her to believe BTC could rally to $9,400 or $9,500 next.

“Impressive day for bulls. Broken the 8700 region resistance that was strong. Next up is 9.4k – 9.5k,” she noted.

If bulls are able to propel Bitcoin past the key resistance at $9,000 in the near-term, it could be positioned for a massive rally up towards highs of $11,700.

Jacob Canfield – another prominent cryptocurrency analyst on Twitter – spoke about this in a tweet, noting that the first upside target he is eyeing sits at $9,700, with a break of this level opening the gates for a movement to $11,700.

“A few key fib levels for #bitcoin here. We are at the 61.8 currently at $9,000. $9700 is the 78.6 level and range high sweep of most liquidity in that region. Also watch the 127.2 extension at $11,700 for a possible high side target as well. Just take it one level at a time,” he explained while pointing to the chart seen below.

 

It appears that the state of the ongoing BTC rally hinges on how Bitcoin responds to $9,000, which means that investors may soon gain valuable insight into where the markets will trend next.