According to another analyst – Kiril Nikolaev – the BTC pattern holds as far back as 2013. On the other hand, analyst Josh Rager said that if Bitcoin (BTC) price can break over the $12,000 range, it would be on track to test its 2019 highs. Rager said:
“Bitcoin (BTC) is currently facing a monthly resistance of $10,760. To break that trend and surge higher, we want to see the price of Bitcoin break the last level at $11,983. This is the last major supply and demand area in 2019 and can assume for the price to retest yearly highs after a close above.”
Some Traders Do Not Believe in a Positive Short-Term Outlook for Bitcoin (BTC)
It appears that not all crypto traders and analysts are feeling confident that the price of Bitcoin (BTC) will recover in the short-term. According to Bitcoin Jack, Bitcoin (BTC) is heading for a major pullback. Bitcoin Jack is an analyst at Bravado Trading with more than 10,000 followers. The crypto analyst believes that Bitcoin (BTC) is locked in a descending triangle.
In additional Elliot Wave analysis, the price of Bitcoin (BTC) is heading for the $7,400 mark. Elliot Wave predicts the future price action of a digital currency by identifying crowd psychology that manifests in waves.