After months of anticipation, Bitcoin (BTC) finally broke past $10,000 on Friday, registering an astounding 11% gain. As of the time of writing this, buying momentum has slowed, as made apparent by BTC’s rejection of $11,200 and the subsequent sell-off to $10,300.<\/p>\n
As a result, some have already begun to postulate about where this current upswing will end, meaning where Bitcoin will peak prior to a retracement. Interestingly, a number of analysts are settling on one, paramount price point \u2014 $11,500. Here’s why.<\/p>\n
In a recent tweet, Josh Olszewicz, Brave New Coin analyst, pointed out that a logarithmic pitchfork pattern, which stretches back to 2016, suggests that BTC will likely find trouble breaking past $11,464.<\/p>\n
A pitchfork, for those unaware, is a technical analysis method that uses parallel lines to determine trading ranges, resistances, and supports. The upper band of Olszewicz’s pitchfork, depicted below, has acted as resistance during 2016’s rallies and as a negative catalyst during November 2018, which pushed BTC to $3,000.<\/p>\n
If history is of any indication, Bitcoin will have trouble breaking past this key trend line yet again.<\/p>\n
\n$BTC<\/a><\/p>\n
gets interesting if we do break 11.4<\/p>\n
otherwise it’s back to ML ~9K pic.twitter.com\/ERugg6Erzs<\/a><\/p>\n
\u2014 Josh Olszewicz (@CarpeNoctom) June 22, 2019<\/a><\/p><\/blockquote>\n
This isn’t the only sign that $11,500 is where Bitcoin tops in the coming days and weeks. Bagsy, a popular analyst recently explained that he believes that Bitcoin will rally to hit $11,500, a key resistance; fall to $8,300 to retest support and establish a strong base; and then surge past $11,500 to hit $13,800, the next level of importance.<\/p>\n
In a similar tweet, RedXBT, also known as \u201cgreen\u201d, explained that he truly believes the aforementioned price action could play out.<\/p>\n
\nI truly believe this could happen. Took that long consolidation and flipped it upside down to depict my thoughts on the next few months. <\/p>\n
I think the low above the red arrow is spared, and that we\u2019ll get to buy mid 8,000s again. Obviously, all while enjoying alt season. $BTC<\/a> pic.twitter.com\/KSOjAxjYuw<\/a><\/p>\n
— red (@redxbt) June 22, 2019<\/a><\/p><\/blockquote>\n