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

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:06 pm

2 mins read

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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.

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.

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

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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