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“This is the most important Bitcoin breakout in BTC history”, says popular Crypto analyst CryptoBirb.
He’s referring to Bitcoin’s recent ability to break above a descending trendline and bull pennant that has been formed since the 2017 peak.
We saw a similar breakout in June of 2016, which is what sparked the massive uptrend that ultimately resulted in Bitcoin seeing a parabolic move to $20,000 in late-2017.
If history rhymes, this could mean that Bitcoin is entering the early phases of its next major bull trend.
ANALYST: BITCOIN MAY “TELEPORT” TO $13,000 IF IT BREAKS KEY LEVEL
Bitcoin is stuck beneath $12,000. This stalling momentum comes after the cryptocurrency incurred an incredibly strong uptrend that had led it from lows of $9,000 to highs of $12,000 in a matter of weeks.
The cryptocurrency’s ongoing consolidation phase suggests that buyers don’t have enough buying pressure to shatter the resistance that sits just above where it is currently trading.
It may also indicate that buyers are losing their momentum. Nonetheless, BTC is still just a hair away from closing above a crucial level that could allow it to “teleport” up towards $13,000.
It is essential to consider that BTC is currently in a multi-day consolidation phase directly after being caught within a strong bull trend.
This isn’t an uncommon occurrence within bull markets, and BTC could even dip lower while still maintaining its market structure.
The crucial level that buyers need to defend going forward sits at $10,500, which was previously a resistance level that had held strong for nearly a year.
If this level is broken below, it may negate the strength that Bitcoin has been incurring in recent weeks.
At the moment, it does not appear that any sort of sharp downtrend is imminent, as each dip over the past several days has been rapidly absorbed by buyers.
Despite its stalling momentum, Bitcoin is just a hair away from breaking above a crucial level that could lead it to see massive upside.
One popular cryptocurrency analyst spoke about this level in a recent post, noting that a close above the region between $11,800 and $12,000 could be all that is needed for BTC to “teleport” to $13,000.
“Weekly close above and you will witness an immediate teleportation to 13k,” he said.
In other trending Bitcoin News today:
ChainLink (LINK) Inches Closer to 100x in Returns Since ICO
Going back in time to September 2017 during ChainLink’s ICO, we find that the price per LINK on offer during the crowd sale was $0.11.
Doing the math and using the new all-time high value of $10.77, this translates to a return on investment of 97X.
This, in turn, means that for every $100 spent during the ICO period, investors are in profit to the amount of $9,700.
According to CoinCodex, those who used Ethereum and Bitcoin to participate in the Chainlink crowdfunding, have an ROI of 32.54x and 71.30x respectively.
Additionally, LINK marines are very much confident regarding the fundamentals governing the upward trajectory of ChainLink.
Some LINK marines have gone as far as declaring that they will start taking profits when the digital asset hits $100.
Below is one tweet that demonstrates investor confidence in ChainLink.
“We aren’t taking profits until $100”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.