Bitcoin has been experiencing some incredibly positive price action over the past few months, but what started out at consistent, steady gains quickly changed into massive volatility after BTC began moving parabolically, which ultimately resulted in the crypto losing its momentum and plummeting from its recent highs.<\/p>\n
Now, it appears that Bitcoin has entered a period of consolidation, bouncing between the upper $10,000 region and the lower $12,000 region. Importantly, one analyst believes BTC\u2019s current consolidation trend could result in a plummet to $8,200.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up marginally at its current price<\/a> of $11,950 and is up slightly from daily lows of $11,500.<\/p>\n Bitcoin\u2019s volatility first began earlier this week when BTC\u2019s upwards momentum turned parabolic, leading it from weekly lows of $10,500 to highs of $13,800.<\/p>\n Despite this, the upwards momentum didn\u2019t last long, as the cryptocurrency quickly plummeted after hitting this level, erasing the majority of its parabolic gains when it subsequently dropped to lows of $10,600.<\/p>\n In the time since this price movement occurred, Bitcoin has found some stability between roughly $11,500 and $12,500, which appears to be a fresh trading range that may persist for the foreseeable future.<\/p>\n In the near-term, it is important that BTC closes above the bottom of this aforementioned trading range<\/a>, or else a drop into the $9,000 region could be imminent.<\/p>\n Josh Rager, a popular crypto analyst on Twitter, spoke about this in a recent tweet, also explaining that a close above this level could lead the cryptocurrency back into the upper-$13,000 region.<\/p>\n \u201c$BTC – watching for a weekly close above $11,510. Confluence at that level, if closed below then real opportunity for price to retest at $9532 (0.382 fib). Close above could lead to higher probability to retest local highs at $13800s,\u201d Rager noted.<\/p><\/blockquote>\n https:\/\/twitter.com\/Josh_Rager\/status\/21625347<\/p>\n Although today\u2019s daily close will likely determine which direction Bitcoin is heading next, recently established technical formations may point to the possibility that it will target $8,200 next.<\/p>\n Mitoshi Kaku, another popular crypto analyst on Twitter, spoke about this possibility in a recent tweet, noting that a break above $13,200 would invalidate this theory.<\/p>\n \u201cI’d like to wait a little bit more to share this, as I’m testing new and more complex formulas right now and I need more confirmations\/data. But, this is the scenario I have for the next move, as long as we don’t break AND close above 13.2K (Invalidation),\u201d he explained while referencing the below chart.<\/p><\/blockquote>\n I'd like to wait a little bit more to share this, as I'm testing new and more complex formulas right now and I need more confirmations\/data. But, this is the scenario I have for the next move, as long as we don't break AND close above 13.2K (Invalidation) $BTC<\/a> #Gann<\/a> pic.twitter.com\/k7HkwCmYMA<\/a><\/p>\n — Joe Mitoshi \ud83e\uddd1\u200d\ud83d\ude80 (@CryptoSays) June 29, 2019<\/a><\/p><\/blockquote>\nAnalyst: Despite Uptrend, BTC May Target $8,200 Next<\/strong>\u00a0<\/strong><\/h2>\n
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