You Think an $8,000 Bitcoin Price Is Cool? Wait Until We Hit $12,000 in January
The bitcoin price has broken $8,000 USD – yet another milestone. Now, the price could rise as high as $9,000 before the last round of profit taking occurs ahead of the big rally to $12,000 in early 2018.
Bitcoin Price Technical Analysis
Prices left behind a major Elliot Wave movement to arrive at the Gann´s Angle Theory trigger zone, which could launch a rally towards $9,000. From there, a zig-zag pattern of profit taking would confirm the early 2018 objective of $12,000 per Fibonacci rules.
Meanwhile, the current lateral sideways market confirms the entrance of new institutional investors with accumulation strategies that lower indicators without producing a bearish plunge. Those actions contribute to the likelihood of an imminent rally to a higher bitcoin price.
In addition to having bullish mathematical indicators, the bitcoin price in the mid-term depends heavily on fundamental data. This data has contributed to erratic profit taking from new investors, who entered the market around the newly-confirmed $7,500 support.
Throughout the profit taking, bullish consensus continues to rise, building the background for a massive rally to $12,000. In turn, that rally could initiate a psychological shift, in which the mainstream world acknowledges bitcoin completely as a legitimate, global asset.
Short-term quotes crossed the Gann´s theory bearish angle to reach the trigger zone, which should launch a bull rally towards $9,000 in the nearby.
From there, sideways trading activity should confirm a new scenario in which the bitcoin price rises to $12,000 as the first technical objective for 2018.
Furthermore, according to Fibonacci Numbers, supports for this rally stand near $7,000 and $7,500. Japanese Candlestick Analysis allows a corrective pullback before releasing a big upward movement.
What do you think will happen to the bitcoin price? Share your predictions in the comments below.
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This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.