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Bitcoin will inevitably rise in price to $ 11,000 in the near future: analysts explained why

By World Crypto | World Crypto | 5 May 2020

Over the past few days, Bitcoin has been trading in the range of $ 8,600 -9,100. Some analysts call the current consolidation bullish, despite the active resistance of sellers at the lower levels of the 9-thousandth price range.

Moreover, one of the analysts noted a number of important signals on the weekly chart and said that the movement of the leading cryptocurrency to $ 11,000 is inevitable. And this is not the only bullish forecast in the community ...

Why Bitcoin can go up to $ 11,000

Now Bitcoin is trading around $ 8,950. Over the past day, the bears again tested the level of $ 8600, setting an intraday low at $ 8530. After that, the bulls activated, providing movement to $ 9120 over the next 12 hours.

The same dynamics was noted on April 30, from that day the leading cryptocurrency is being traded in the current price range.

Despite the ongoing consolidation and the likelihood of short-term corrections, one of the well-known analysts explained that a structure is being formed on the weekly chart for moving to $ 11,000:



CryptoBirb analyst added that “$ 15,000 is the target breakout level of this downstream channel,” but “the $ 15,000 mark will not be reached in a straight line.”

Crypto trader noted the following signals on the weekly timeframe:

  • In early March, a higher minimum of about $ 3,800 was set.
  • Prior to this, the resistance of the downward price channel ($ 10,500) was tested. At the same time, the stochastic impulse indicator has reached 88 points, signaling the overbought BTC / USD and the depletion of the trend.
  • During the subsequent recovery, the resistance of the price channel was tested again, however, the stochastic reached 64 points, indicating the availability of reserves to continue the rally.
  • As a result, the trend seems stable at the moment, however, CryptoBirb allows a possible reboot (respite of the bulls) of about $ 7,000 before the final breakthrough of the downward price channel.

Another strong bullish signal on the BTC weekly chart

MACD is one of the main technical indicators, which, according to the theory, characterizes "a change in the strength, direction, momentum and duration of the trend."

More recently, the nature of the MACD on the weekly timeframe has become bullish, indicating a high likelihood of a medium-term bullish rally.


In the past, it was this indicator that gave the signal about the beginning of bullish periods:

  • In 2017, the indicator turned green at a price of about $ 2,000. After that, a 1000 percent rally to $ 20,000 began.
  • At the beginning of 2019, Bitcoin went up 300% after MACD turned green again in January.
  • With the latest short-term BTC rally from $ 8,000 to $ 10,500, MACD also provided a bullish signal to traders.

Well-known trader RookieXBT noted the importance of this intersection, which happened at the very beginning of this month with a BTC price below $ 9000:


If the MACD signal is confirmed this time too, the BTC bullish momentum will increase in the coming days and weeks, and the resistance of the downward price channel marked by CryptoBirb will be canceled.


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World Crypto
World Crypto

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