Bitcoin price just smashed back above $11,000 and bulls are now attempting to flip the key level as resistance turned support. The move comes following the breakout of a triangle pattern, and a sudden reappearance of weakness in the dollar’s now short-lived recovery. But the question is, how far will this rally go?

The leading cryptocurrency by market cap has now spent three days in the green. Yesterday, Bitcoin broke upward from a triangle pattern forming on daily timeframes.

The triangle was believed to be a bearish pennant following a head and shoulders reversal pattern. But after $10,000 was so valiantly defended by bulls for seven consecutive days, it may be the last time Bitcoin ever trades below five-digits.

Utilizing the measure rule, the potential target of the triangle is somewhere closer to $12,000 than, $11,000, so Bitcoin has a lot more to run.

Roughly a 10% move could be expected considering the pattern’s height, taking the first-ever cryptocurrency to around $11,850 before it challenges its next highest resistance level.

Related Reading | Analyst: Sidelined Capital Enough To Push Bitcoin To $1 Trillion Market Cap

A push beyond local 2020 highs around $12,000 will likely result in a retest of $13,800 where 2019’s top lies. Beyond there, could be the retest of $20,000 the crypto world has been waiting for.

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