If Bitcoin Breaks This Resistance, It Could Hit $ 17K

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As Bitcoin continues to rise, many analysts such as Crypto Michael are making much more hopeful statements about the future of the leading coin. Although some claim that Bitcoin will enter a consolidation process at $ 11,000, as it has done at some times this year, Crypto Micheal argues that the rise will continue with the overcoming of the main resistance for BTC.

Analysts are hopeful that the uptrend will continue as Bitcoin maintains its dominance over $ 11,000 and is firmly on its way to making the $ 11,500 critical resistance a support. Analysts have stated that if the price of Bitcoin surpasses $ 12,000, reaching its highest level this year, Bitcoin could reach $ 17,000 for the first time since 2018.

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Bitcoin started Monday at around $ 11,300 and rose to $ 11,730 before showing daily closing at around $ 11,500. For Bitcoin, this was the 6th green candle that appeared on the charts after it managed to hold the 10K level last month. It was also the highest daily close for BTC since September 2.

Possible Scenarios Envisioned by Analysts for Bitcoin

Crypto experts, analysts and commentators are making some predictions after this bullish performance in Bitcoin.

  • In one of the first scenarios predicted for BTC; The leader suggests that the coin will go through a consolidation process and remain stable at around $ 11,000.
  • This view is shaped like Bitcoin staying at $ 9,000 in June 2020 and $ 10,000 in September 2020.
  • In another view put forward by analyst and trader Michael van de Poppe, known as Crypto Michael; BTC is making previous resistance levels one by one support, just like it did in 2015 and 2016.
  • According to this point of view, the critical level is around 12 thousand dollars. For BTC, the 12 thousand – 12 thousand 400 dollars range, the highest level of 2020, is the main resistance zone.
  • According to this analysis, the important supports to be held are located in the range of 10 thousand 500 – 11 thousand dollars.
  • Poppe argues that with the break of this $ 12,000 resistance, the BTC rally could reach $ 17,000.
  • Crypto Michael also underlines that this $ 17,000 could be the last obstacle to the Bitcoin price reaching all-time highs.
See Also
Historic week in the billion dollar crypto fund: $ 217 million

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