Analyst: Bitcoin May “Teleport” to $13,000 if It Breaks Key Level

2020-8-8 02:00

Bitcoin is currently caught in an unwavering consolidation phase within the upper-$11,000 region This is where the cryptocurrency has been trading throughout the past several days Unless buyers step up and shatter the resistance that sits around $12,000, the crypto could be poised to see notable losses One analyst is now noting that he is closely watching the price region between $11,800 and $12,000, as a firm close above this level could lead BTC to “teleport” to $13,000 It has so far been unable to do so, and the cryptocurrency may be positioned to see further near-term downside

Bitcoin is stuck beneath $12,000. This stalling momentum comes after the cryptocurrency incurred an incredibly strong uptrend that had led it from lows of $9,000 to highs of $12,000 in a matter of weeks.

The cryptocurrency’s ongoing consolidation phase suggests that buyers don’t have enough buying pressure to shatter the resistance that sits just above where it is currently trading.

It may also indicate that buyers are losing their momentum.

Nonetheless, BTC is still just a hair away from closing above a crucial level that could allow it to “teleport” up towards $13,000.

Bitcoin Flashes Signs of Weakness as $12,000 Resistance Mounts

At the time of writing, Bitcoin is trading down marginally at its current price of $11,730. This is around where it has been trading throughout the past several days and weeks.

It is essential to consider that BTC is currently in a multi-day consolidation phase directly after being caught within a strong bull trend.

This isn’t an uncommon occurrence within bull markets, and BTC could even dip lower while still maintaining its market structure.

The crucial level that buyers need to defend going forward sits at $10,500, which was previously a resistance level that had held strong for nearly a year.

If this level is broken below, it may negate the strength that Bitcoin has been incurring in recent weeks.

At the moment, it does not appear that any sort of sharp downtrend is imminent, as each dip over the past several days has been rapidly absorbed by buyers.

BTC Could Soon Teleport Higher as It Pushes Against Crucial Level 

Despite its stalling momentum, Bitcoin is just a hair away from breaking above a crucial level that could lead it to see massive upside.

One popular cryptocurrency analyst spoke about this level in a recent post, noting that a close above the region between $11,800 and $12,000 could be all that is needed for BTC to “teleport” to $13,000.

“Weekly close above and you will witness an immediate teleportation to 13k,” he said.

Image Courtesy of Teddy. Chart via TradingView.

How Bitcoin trends heading into the weekend should provide investors will valuable insights into its mid-term outlook.

Featured image from Unsplash. Charts from TradingView.

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