Bitcoin price action has gone stagnant, causing volatility to disappear, and turning trader’s attention to toward altcoins like Ethereum and Ripple which are finally having some time in the limelight.
But for the leading cryptocurrency by market cap to become interesting again, one crypto analyst says that Bitcoin price will need to either break above $12,000 or $9,000. Both prices represent a clean breakout from Bitcoin’s current triangle and is likely to reignite trading volume and volatility in the market.
Bitcoin Price Must Break $9K or $12K To Become Interesting Again
After a bullish start to 2019 for Bitcoin price, the second half of the year thus far has been spent trapped inside a tight trading range where the first-ever crypto asset has been consolidating before it chooses its next direction. But the ranging price action has led to boredom across the market, and volatility levels dwindling to lows not seen since just before the April 2019 rally or November 2018 breakdown.
Related Reading | Low Volatility Bitcoin Price Action: Decision Time Is Near, Powerful Move Incoming
It’s caused many crypto traders to sit out on the sidelines waiting for Bitcoin’s triangle to break in either direction and set the trend for the months ahead. But until that happens, and Bitcoin price either breaks below $9,000 or above $12,000, trading the crypto asset just isn’t as interesting as it was throughout the rest of the year thus far.
$9,000 currently represents the range “bottom” that has held up as support thus far despite three attempts at breaking to the downside. Each time that Bitcoin price reached support in the $9,000 range, it was bought up furiously by bulls buying the dip.
$12,000 is the range top, which hasn’t been tested since early August. Additional attempts occurred in June and July, but the majority of August and September has been spent under the range median, which currently rests at around $10,800.
There is a reason why I haven't been on Twitter in a week.
This is just not worth commentating about.
As soon as we get a close above red or below green the small time frame will get interesting.Close below $9000, I'll target $7500-
Close above $12000, Ill target $14000+ pic.twitter.com/HgRxtlE249— DonAlt (@CryptoDonAlt) September 17, 2019
One crypto analyst says that a daily candle close below $9,000 would result in downside targets of $7,500 and lower, which would send Bitcoin price back down to retest former bear market support levels. A candle close above $12,000 would almost surely mean that a retest of $14,000 or higher is on the table.
Related Reading | Poll: More Than Half of Bitcoin Investors Expect Triangle Breakout
If Bitcoin price can gather enough momentum to breach $14,000 where it was rejected from back in June – the rejection that resulted in the current trading range consolidation – the crypto asset is very likely to move on to retest its former all-time high at $20,000 it set back at the peak of the crypto bull run of 2017. If it can break above $20,000, then the sky is the limit and Bitcoin will be in price discovery mode, looking for its next peak.
Featured image from Shutterstock