2020-9-11 13:00 |
Bitcoin is primed to return to $11,000 in the near future as the cryptocurrency market consolidates. Analysts believe this is the case due to macro factors, along with technical factors. For one, Bitcoin is trading in a fractal of a retracement from September 2018. This specific comparison suggests that BTC is primed to consolidate, then recovery to $11,000 by mid-month. Barring strong moves in legacy markets, these fractals and other technical factors should drive Bitcoin higher. Bitcoin Could Soon Return to $11,000, Predicts Eerie Fractal
The trader that predicted Bitcoin’s ongoing retracement thinks that BTC will soon return to $11,000.
He shared the chart below on September 10th, noting that Bitcoin’s recent price action looks like a correction in September 2018. According to the comparison of the recent price action and the historical correction, BTC is likely to consolidate between $10,000 and $10,700, then surge towards $11,000 by the middle of the month.
Along with predicting the ongoing correction (down to $20), this trader has shared historically accurate fractals like the one seen below. A fractal is when an asset’s price action is repeated over another time frame.
Chart of BTC's price action over the past few weeks with a fractal analysis by crypto trader "Coiner-Yadox" (@Yodaskk on Twitter). Chart from TradingView.comThis is far from the only fractal predicting Bitcoin has bottomed for the time being.
One trader suggested earlier this week that BTC’s ongoing correction looks similar to a period in May. That fractal analysis suggests that BTC’s correction has ended, meaning Bitcoin will move higher in the weeks ahead.
Speaking on the veracity of the fractal in regard to the chart below, the trader wrote:
“Expanded thoughts on this, price is fractal and you see the same price patterns on all time frames. I’m still unsure if this current PA is the bottom or not- I switch ideas every hour. Compared May 10th again to now.”
Chart of BTC's price action over the past few weeks with a fractal analysis by crypto trader "Altcoin Sherpa." Chart from TradingView.com Bulls Are in Control if $10,450 Is TakenMost analysts will be convinced Bitcoin returns to the $11,000 region if the coin manages to retake the $10,450 resistance.
As reported by Bitcoinist previously, one historically accurate trader mentioned that Bitcoin moving above $10,450-10,500 will trigger a textbook Wyckoff Accumulation. That pattern, should it play out in full, will take BTC back to the $11,000-12,000 trading range it has persisted in.
Chart of BTC's price action over the past few weeks with an analysis by crypto trader Il Capo of Crypto (@CryptoCapo_ on Twitter). Chart from TradingView.comThe reason why analysts are assigning so much importance to $10,500 is due to the level’s historical importance.
During three separate rallies over the past year, BTC stopped at $10,500. Bitcoin managing to reclaim that level in the near term will suggest that more upside is likely.
Photo by Ashim D’Silva on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com This Fractal Predicts Bitcoin Will Return to $11,000 Very SoonSimilar to Notcoin - Blum - Airdrops In 2024
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