Bitcoin and the entire crypto markets are experiencing a green Monday, with most major assets trading up a few percent. Today’s price surge has allowed BTC to establish the lower $11,000 region as a level of support and may have contributed to growing technical strength.
Despite this, one prominent analyst is now explaining that he believes Bitcoin has established a near-term top around its current price levels, and that it will likely consolidate for several months before beginning its journey towards the six-figure price region.
Bitcoin Climbs to Upper-$11k Region, But Struggles to Climb Above $12k
At the time of writing, Bitcoin is trading up nearly 5% at its current price of $11,855, which is up from its daily lows of $11,200 that were set yesterday.
BTC is currently approaching a level of resistance that has held strong for the past month, as it has tried and failed on multiple occasions to break above $12k. Earlier this month, the crypto briefly tapped $12k before it incurred a significant amount of selling pressure that sent it down to lows of $10,900.
Importantly, in order for bulls to maintain their control in the near-term, Bitcoin must continue climbing higher until it breaks past $12,350, which would allow it to climb higher until it breaks past its recently established highs that exist at $13,800.
Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about the importance of this price level in a recent tweet, saying:
“$BTC Update: A nice break above the weekly resistance but the week is far from over and BTC still sits below daily resistance. A break and close above $12,354 on 4hr/1 Day resistance and I’d look for BTC to retest previous highs and will trade the ranges until that happens.”
$BTC Update
A nice break above the weekly resistance but the week is far from over and BTC still sits below daily resistance
A break and close above $12,354 on 4hr/1 Day resistance and I’d look for BTC to retest previous highs and will trade the ranges until that happens pic.twitter.com/LSSyGcwKDc
— Josh Rager
(@Josh_Rager) July 8, 2019
BTC May Struggle Around Current Levels, But Six-Figure Prices Are Inbound
Although in the near-term it remains unclear as to whether or not Bitcoin will be able to break above its next resistance level, one prominent analyst is now noting that it may consolidate around its current price levels for the next several months before it begins its journey to $100k.
“In the near term, I think upside on $BTC is limited. Likely the top is in for the next 3-4 months. Better to build some support first before the 6 fig moon mission,” The Crypto Dog, a celebrated analyst on Twitter, explained in a recent tweet.
In the near term, I think upside on $BTC is limited. Likely the top is in for the next 3-4 months.
Better to build some support first before the 6 fig moon mission.
— The Crypto Dog
As the week kicks off and traders garner greater insight into just how strong Bitcoin’s current rally is, analysts will likely soon understand where the markets are heading next.
Featured image from Shutterstock
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