Bitcoin’s price has consolidated to highs of $ 11,400 in the aftermath of its sharp rise.
The cryptocurrency has yet to reverse any of those gains and appears to be gearing up for another big push up.
The next market trends will likely depend on BTC as it has a firm grip on the altcoin crypto market.
An analyst is now finding that Bitcoin could see a surge to over $ 14,000 soon, but believes it will have to book a clean break of $ 11,600 first.
He thinks it is more likely that he will encounter rejection at this level and sink lower
Bitcoin and the entire crypto market are caught in a consolidation phase in the aftermath of Bitcoin’s rise from $ 10,600 to $ 11,400.
This move was significant and seemed to indicate a turnaround in favor of buyers.
BTC’s momentum has slowed, but this could be a sign that the bulls are trying to gain enough support to spark a continuation of this uptrend.
An analyst now notes that if Bitcoin can top $ 11,600, a move past $ 14,000 could be imminent in the near future.
Bitcoin is consolidating after a $ 1,000 surge
At the time of writing, Bitcoin is trading over 1% at its current price of $ 11,410. This is a notable increase from the daily lows of $ 11,200 set yesterday when the bulls began to lose their footing.
Bitcoin has remained strong despite the bears trying to thwart the uptrend. It is currently trading nearly $ 1,000 higher than it was just over a week ago.
That strength could expand as the ongoing phase of consolidation appears to be shifting the trend in the cryptocurrency, positioning it for further uptrend.
Analyst: BTC could break $ 14,000
Despite Bitcoin’s slowing momentum hovering around $ 11,400, one analyst believes the asset is on the cusp of more significant gains in the coming days and weeks.
He points out that it all depends on how BTC reacts to $ 11,600 – an important short-term level of resistance to watch.
The analyst with reference to the chart below:
“BTC: If $ 11,600 is flipped, I see a clean $ 14,000 + … Until then, in my opinion, we reject $ 11,600 or move in a range around $ 11,600 and then tip lower”