Sunday, February 5, 2023

You Think an $8,000 Bitcoin Price Is Cool? Wait Until We Hit $12,000 in January

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.

Also read: Bitcoin Price Smashes Past $8,000 After Week-Long Correction

Bitcoin Price Technical Analysis

Long-Term Analysis

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.

Mid-Term Analysis

bitcoin price technical analysis

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 Analysis

bitcoin price technical analysis

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. 

Image via Pixabay

This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.

Bitsonline Email Newsletter