{"id":440645,"date":"2020-10-06T16:00:21","date_gmt":"2020-10-06T16:00:21","guid":{"rendered":"https:\/\/wncen.com\/?p=440645"},"modified":"2024-06-11T14:17:31","modified_gmt":"2024-06-11T14:17:31","slug":"bitcoin-could-soon-rocket-to-11900-as-consolidation-phase-nears-its-end","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-could-soon-rocket-to-11900-as-consolidation-phase-nears-its-end\/","title":{"rendered":"Bitcoin Could Soon Rocket to $11,900 as Consolidation Phase Nears Its End"},"content":{"rendered":"<p>It has been a rocky past few days for Bitcoin and the aggregated crypto market. While BTC is stuck within a bout of sideways trading, altcoins have been facing massive inflows of selling pressure as investors flee \u201cbeta assets.\u201d<\/p>\n<p>It does appear that BTC is waiting on the stock market to provide it with some directionality, as it has been closely tracking the traditional market\u2019s every move throughout the past few weeks.<\/p>\n<p>This may mean that, until progress is made when it comes to round two of federal stimulus, the benchmark cryptocurrency will extend its ongoing consolidation phase.<\/p>\n<p>Analysts are still confident that <a href=\"https:\/\/wncen.com\/2020\/09\/30\/bitcoin-topside-bias-vulnerable-4\/\">Bitcoin<\/a> could be positioned to see some notable upside in the near-term.<\/p>\n<p>One trader is specifically setting his sights on a move up towards $11,900 in the near-term, explaining that this level could be where it finds some resistance that slows its ascent.<\/p>\n<p>Another respected trader echoed this sentiment, noting that although he is uninterested in trading the cryptocurrency\u2019s current range, he does believe that BTC will end the year significantly higher than where it is currently trading at.<\/p>\n<h2><strong>Bitcoin Struggles to Gain Momentum as It Incurs Choppy Trading<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/wncen.com\/2020\/09\/24\/bitcoin-fundamental-expert-clarity-comes-after-rocky-election-ends\/\">Bitcoin\u2019s<\/a> price is trading down marginally as it hovers around $10,700. This is around where it has been throughout the past few days.<\/p>\n<p>One analyst <a href=\"https:\/\/twitter.com\/TheCryptoDog\/status\/50438400\" rel=\"nofollow\">explained<\/a> in a recent tweet that this current bout of choppy trading is unpredictable and not ideal for trading, but he still anticipates the crypto to end the year higher than where it is currently trading at.<\/p>\n<blockquote><p>\u201cI&#8217;m not that bearish BTC but have no interest in trading this range. I like catching trends. I&#8217;m holding long term bags for long term plays, not interested in jumping anything short term. I&#8217;m strongly leaning towards us ending the year BTC much higher than here.\u201d<\/p><\/blockquote>\n<h2><strong>Analyst: BTC Poised to Rally Towards $11,900 in the Near-Term<\/strong><\/h2>\n<p>While speaking about where the <a href=\"https:\/\/wncen.com\/2020\/09\/08\/altcoins-could-surge-by-70-if-bitcoin-is-able-to-defend-one-critical-level\/\">entire market trends next<\/a>, one analyst <a href=\"https:\/\/twitter.com\/CredibleCrypto\/status\/62712832\" rel=\"nofollow\">explained<\/a> that he expects the cryptocurrency to rally towards $11,900 in the near-term.<\/p>\n<p>He put forth a chart showing this possibility, noting that the crypto is currently trading above a robust support level.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"aligncenter size-large wp-image-440646\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Credible.jpg?fit=860%2C860\" alt=\"Bitcoin\" loading=\"lazy\"><\/p>\n<pre>Image Courtesy of Credible Crypto. Chart via <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">TradingView.<\/a><\/pre>\n<p>The coming few days and weeks should provide some insight into where Bitcoin will trend throughout the rest of the year.<\/p>\n<p>It may primarily depend on how the stock market trends based on news relating to a potential round two of federal stimulus.<\/p>\n<pre>Featured image from Unsplash.\nCharts from <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">TradingView.<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>It has been a rocky past few days for Bitcoin and the aggregated crypto market. While BTC is stuck within a bout of sideways trading, altcoins have been facing massive inflows of selling pressure as investors flee \u201cbeta assets.\u201d It does appear that BTC is waiting on the stock market to provide it with some directionality, as it has been closely tracking the traditional market\u2019s every move throughout the past few weeks. This may mean that, until progress is made when it comes to round two of federal stimulus, the benchmark cryptocurrency will extend its ongoing consolidation phase. Analysts are still confident that Bitcoin could be positioned to see some notable upside in the near-term. One trader is specifically setting his sights on a move up towards $11,900 in the near-term, explaining that this level could be where it finds some resistance that slows its ascent. Another respected trader echoed this sentiment, noting that although he is uninterested in trading the cryptocurrency\u2019s current range, he does believe that BTC will end the year significantly higher than where it is currently trading at. Bitcoin Struggles to Gain Momentum as It Incurs Choppy Trading At the time of writing, Bitcoin\u2019s price is trading down marginally as it hovers around $10,700. This is around where it has been throughout the past few days. One analyst explained in a recent tweet that this current bout of choppy trading is unpredictable and not ideal for trading, but he still anticipates the crypto to end the year higher than where it is currently trading at. \u201cI&#8217;m not that bearish BTC but have no interest in trading this range. I like catching trends. I&#8217;m holding long term bags for long term plays, not interested in jumping anything short term. I&#8217;m strongly leaning towards us ending the year BTC much higher than here.\u201d Analyst: BTC Poised to Rally Towards $11,900 in the Near-Term While speaking about where the entire market trends next, one analyst explained that he expects the cryptocurrency to rally towards $11,900 in the near-term. He put forth a chart showing this possibility, noting that the crypto is currently trading above a robust support level. Image Courtesy of Credible Crypto. Chart via TradingView. The coming few days and weeks should provide some insight into where Bitcoin will trend throughout the rest of the year. It may primarily depend on how the stock market trends based on news relating to a potential round two of federal stimulus. Featured image from Unsplash. Charts from TradingView.<\/p>\n","protected":false},"author":499,"featured_media":440198,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1144,78790,76835],"class_list":["post-440645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Could Soon Rocket to $11,900 as Consolidation Phase Nears Its End<\/title>\n<meta name=\"description\" content=\"One trader is setting his sights on a move up towards $11,900 in the near-term, explaining that Bitcoin may face some heavy resistance here.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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