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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Could Hit $12K on Ethereum-Tailing Behaviour: Analyst

Yashu Gola
Yashu Gola
1 year ago
3 mins read

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  • Bitcoin is eyeing a breakout towards $12,000, according to crypto-chart analyst Josh Rager.
  • The analogy appears out of Ethereum’s latest upside move from a consolidation range.
  • Mr. Rager sees Bitcoin repeating the same bullish action as it trades inside a similar sideways pattern.

Bitcoin is at the cusp of hitting $12,000 in the coming sessions, according to an inter-coin fractal shared by Josh Rager.

The market analyst noted that Bitcoin is almost mirroring the recent price moves of Ethereum, the second-largest cryptocurrency by market cap. Earlier yesterday, the ETH/USD exchange rate broke out of its consolidation range.

ethereum, bitcoin, cryptocurrency, btcusd, ethusd, btcusdt, ethusdt

Ethereum breaks upward of its sideways consolidation pattern. Source: TradingView.com

The pair rose by more than 6 percent from the point of the breakout.

Mr. Rager spotted BTCUSD in a similar Triangle-like range. He said in a Friday tweet that the cryptocurrency could break above the pattern–just like Ethereum did– and attempt a close above $12,000.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, cryptocurrency

BTCUSD price in the Ethereum-like consolidation channel. Source: TradingView.com

A Bull Triangle

The reason for Mr. Rager’s bullish Bitcoin prediction also resorted to the shape of its current consolidation pattern. It technically resembles a symmetrical triangle, confirmed by its two converging trendlines. It is a continuation pattern that typically sends the price in the direction of its previous bias.

In the current case, BTCUSD was rising before it formed the Symmetrical Triangle pattern. As a result, the cryptocurrency should ideally continue trending upwards upon breaking it. Meanwhile, the length of the breakout should be as much as the maximum height of the Triangle.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, cryptocurrency

BTCUSD symmetrical triangle's upside target is near $12,000. Source: TradingView.com

That is $780, which puts Bitcoin’s next upside target close to or above $12,000.

Pullback Theories

As Mr. Rager and others eye a BTCUSD upside continuation, specific bearish setups are also waiting to pull the rugs under bulls.

For starters, the cryptocurrency continues to feel the selling pressure while trading under a long-term descending trendline. As shown in the chart below, BTCUSD’s latest rally has paused right near the same price ceiling that has been holding it from logging a full-fledged breakout since December 2017.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, cryptocurrency

BTCUSD bulls remain capped under the red trendline. Source: TradingView.com

On a macro front, the latest signals show that Bitcoin may continue its upward moves in the coming sessions ahead.

The Federal Reserve’s decision to keep its interest rate near zero, as well as to continue its bond-purchasing program until December 31 may send investors looking for safety in Bitcoin, a perceived anti-inflation asset.

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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The highest standards in reporting and publishing
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