$11K Bitcoin Breakout Could Be Imminent, According To Technical Pattern Indicator

$11K Bitcoin Breakout Could Be Imminent, According To Technical Pattern Indicator

The price of Bitcoin has once again broken past $10,000. However, some analysts are now predicting that the premier cryptocurrency still has bullish momentum left to give. Specifically, technical indicators suggest that Bitcoin could soon rally past the $11,000 line.

Bitcoin has definitively broken past $10,000

At the time of writing, Bitcoin is trading at $10,382, according to data from COIN360. Moreover, the following chart shows that practically the entire cryptocurrency market is currently in the green. This comes on the heels of a recent surge in both the price of Bitcoin and the wider crypto market.

Image Source: COIN360

Yesterday, Bitcoin once again broke through the psychologically important $10,000 line. This came after Bitcoin fell back to $9,000 levels in a flash sell-off on the day before. 

Furthermore, analysts are bullish, with Fundstrat Global Advisors’ co-founder Tom Lee predicting an incoming 200% Bitcoin surge. Additionally, Anthony Pompliano recently said that Bitcoin’s surge above $10,000 could be the start of a $100,000 Bitcoin rally

Now, these analysts’ views are also receiving some support from technical indicators. According to one technical analysis, Bitcoin is currently consolidating recent gains at an interval between $10,300 and $10,400.

Bitcoin futures are already trading past $10,500

Furthermore, the same report states that Bitcoin’s recent rise is also creating new support levels. Bitcoin is now said to have substantial support at roughly the $10,200 and $10,000 levels. If the $10,200 support is broken, it appears likely that support around $10,050 would halt the slide towards lower levels.

Nevertheless, the markets are fickle, and are always uncertain. No matter what, Bitcoin also holds support around $9,970 – which is close to Bitcoin’s 100 hour simple moving average. Bitcoin CME futures are also rising, and are currently trading at $10,545, according to TradingView.

Bitcoin could be on track for $11,000

What’s more, Bitcoin’s intraday trend is decidedly bullish. The next resistance levels are at $10,400, $10,500 and $11,000. However, if the Bitcoin CME futures’ price is any indicator, Bitcoin could soon surge past both $10,400 and $10,500.

If so, the road would be open for a Bitcoin rally towards $11,000. This would be in line with recent suggestions of an imminent “vertical Bitcoin rally”, that a NewsBTC article suggests could bring Bitcoin to $11,500 and $12,000.

As such, it will be interesting to watch the crypto markets in the coming hours and days. If Bitcoin manages to break past $10,400 and $10,500, there are ample chances for a substantial Bitcoin rally. What’s more, such a rally would, in all likelihood, bring the wider cryptocurrency market with it.

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