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Home Technical analysis BTC

Bitcoin (BTC) Blasts Through $11,000 Following Bullish Triangle Breakout

Tony Spilotro by Tony Spilotro
6 months ago
in BTC
Reading Time: 2min read
bitcoin btcusd

Golden bitcoins on grey background

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Bitcoin price just smashed back above $11,000 and bulls are now attempting to flip the key level as resistance turned support. The move comes following the breakout of a triangle pattern, and a sudden reappearance of weakness in the dollar’s now short-lived recovery. But the question is, how far will this rally go?

Bitcoin Price Reclaims $11,000, But Can Bulls Hold It This Time?

The leading cryptocurrency by market cap has now spent three days in the green. Yesterday, Bitcoin broke upward from a triangle pattern forming on daily timeframes.

The triangle was believed to be a bearish pennant following a head and shoulders reversal pattern. But after $10,000 was so valiantly defended by bulls for seven consecutive days, it may be the last time Bitcoin ever trades below five-digits.

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bitcoin btcusd

BTCUSD Daily Triangle Breakout And Potential Target | Source: TradingView

Utilizing the measure rule, the potential target of the triangle is somewhere closer to $12,000 than, $11,000, so Bitcoin has a lot more to run.

Roughly a 10% move could be expected considering the pattern’s height, taking the first-ever cryptocurrency to around $11,850 before it challenges its next highest resistance level.

Related Reading | Analyst: Sidelined Capital Enough To Push Bitcoin To $1 Trillion Market Cap

A push beyond local 2020 highs around $12,000 will likely result in a retest of $13,800 where 2019’s top lies. Beyond there, could be the retest of $20,000 the crypto world has been waiting for.

Featured image from Deposit Photos, Charts from TradingView
Tags: bitcoinbtcbtcusdbtcusdcBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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