Despite Altcoin Drop, This Analyst Thinks Bitcoin Is On Track for $11k

  • Bitcoin has dropped round $200 from the day by day highs as sellers have stepped again in.
  • The drop comes despite information that MicroStrategy, a Nasdaq-listed firm, purchased over $100m value of Bitcoin but once more.
  • Analysts stay optimistic about BTC’s prospects.
  • Some merchants are sharing charts indicating that Bitcoin quickly strikes above $11,000.
  • BTC, although, is outperforming altcoins, which is a market dynamic not seen in lots of weeks.
  • This might recommend that the prevailing development could also be bearish.

Bitcoin Could Soon Move Above $11,000

Analysts stay optimistic about Bitcoin’s prospects regardless of the latest weak spot within the altcoin market. BTC in and of itself has slid round $200 from the day by day highs whereas altcoins are dropping by over 10% throughout the board.

Referencing the chart beneath, which purportedly signifies that Bitcoin may quickly hit $11,400, the analyst said:

“BTC looks to be coming in for a re-test of it’s broken range before a move towards 11.4k, meanwhile ETH has broken down from it’s upwards channel. I can only conclude that ETH gets bought up, closes back within, pushes up towards 400 at the same time BTC moves up, then we drop.”

Chart of BTC's value motion over the previous few weeks by crypto analyst CJ (@IrnCrypt on Twitter). Chart from TradingView.com

Others agree with the sentiment that Bitcoin will quickly transfer in direction of $11,200. One dealer shared the chart beneath, noting how the coin has caught a bid on the important 100-period easy transferring common, corroborating expectations of a transfer increased.

“Alts are hurting but $BTC is still finding support above the 100 MA. Still on the sidelines, but looking forward to pick up some cheaper altcoins soon.”

Image

Chart of BTC's value motion over the previous week or so by crypto analyst DevChart (@Devchart on Twitter). Chart from TradingView.com
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Despite Altcoin Drop, This Analyst Thinks Bitcoin Is On Track for $11ok

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