Bitcoin Just Broke a Multi-Week Descending Triangle; Analysts Target $15k

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  • Bitcoin is beginning to show some intense signs of strength after a prolonged period of consolidation within the mid-to-upper $11,000 region
  • This latest push higher has not done a ton to invalidate the weakness that the cryptocurrency was previously experiencing, as it has yet to push BTC past its key $12,000 resistance level
  • Analysts are noting that where it trends next may depend largely on whether or not buyers can shatter the selling pressure that sits at this level
  • This move was able to push BTC beyond the upper boundary of an ascending triangle, which could ultimately provide it with some serious near-term momentum

Bitcoin has been flashing some intense signs of strength throughout the past several hours, with its prolonged consolidation bout finally drawing to a close.

This momentum has yet to push the crypto above $12,000 however, and it remains in a somewhat precarious situation until this level is broken above and flipped to support.

One analyst is now pointing to a few factors that all suggest upside is imminent, including its ability to consolidate above $11,600 and the strength seen by Ethereum today.

These factors also come as Bitcoin breaks above the upper boundary of a descending triangle that analysts were watching. The break above this level may allow it to surge significantly in the near-term.

Bitcoin Breaks Out of Key Technical Formation as Analysts Target $15,000

At the time of writing, Bitcoin is trading up just over 2% at its current price of $11,900. This is around the price at which it has been trading throughout the past few hours.

It is important to note that today’s push towards $12,000 came about shortly after the cryptocurrency broke out of a bullish descending triangle pattern.

This has led one analyst to target $15,000.

“Break out of wedge confirmed. Send it straight to 15K,” he said while referencing a potential path forward that he outlined several days ago.

Bitcoin

Image Courtesy of Kaleo. Chart via TradingView.

BTC’s Technical Strength Bolstered by Latest Push Higher: Analyst 

Another analyst also noted that this latest surge has bolstered Bitcoin’s technical outlook.

He believes that continued consolidation above $11,600 will help guide BTC significantly higher.

“Reached the $12,000 area that I’ve pointed since the low. Would like to see consolidation above $11,600 here. If that happens, we’ll most likely see a rally towards $12,400 and new highs. ETH already painting the way.”

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Image Courtesy of Crypto Michael. Chart via TradingView.

How the market trends next will likely depend solely on how strong the resistance at $12,000 currently is.

Featured image from Unsplash.
Charts from TradingView.



Source: Bitcoin Just Broke a Multi-Week Descending Triangle; Analysts Target k

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