Bitcoin has seen quite the turn of events over the weekend; the price of the leading cryptocurrency has whipsawed between $9,700 and $10,500, failing to establish a short-term trend due to an endless tug of war between buyers and sellers.
While many analysts and investors have attributed this indecisive price action to a potential topping in the Bitcoin market, some are sure the asset is poised to continue even higher in the coming weeks, citing the fact the cryptocurrency maintained the $9,500 price point — a level that has been critical for BTC to hold over the past few months.
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Bitcoin Could Soon See 20% Surge
Prominent cryptocurrency investor George recently remarked BTC is still on track to rally towards the $11,700 price point — around 17% higher than the current price — in the coming weeks.
He backed this forecast by posting the below chart, seemingly suggesting the cryptocurrency, despite rejecting the 0.25 level of a weekly range formed in 2019, has held the $9,700 swing low and the $9,500 inflection point.
Keep it simple, 11.7k next. pic.twitter.com/QWqcZXeWjL
— George (@George1Trader) February 16, 2020
George further explained “Keep it simple, $11,700 is next. Invalidation [if there is a] clean break below $9,500.”
George’s assertion that Bitcoin holding $9,500 will confirm a move towards $12,000 has been echoed by Filb Filb, the pseudonymous trader who accurately called BTC’s price action for all of Q4 of 2019 and the start of 2020 when he posted the below chart.
Per previous reports from NewsBTC, the crazy accurate analyst (who also called Bitcoin’s $3,000 price bottom in 2018) said that “every time Bitcoin turns $9,500 to support [on a weekly basis], it goes to $11,500.”
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Filb Filb added that with his indicator showing Bitcoin is in an uptrend on short-term, medium-term, and long-term time frames, he would be inclined to believe there is more upside for this nascent market.
There are other analyses suggesting BTC could move towards $11,000 in the near future.
Financial Survivalism, the trader who called Bitcoin’s rally towards $9,000 at the start of the year, remarked a few weeks ago that the cryptocurrency formed a bullish cup and handle bottom that suggests the price of BTC will reach $11,675.
The cup and handle, for some context, is a bullish chart pattern marked by two rounded bottoms at two different levels that most often sees assets strongly break higher from a local bottom.
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