Bitcoin (BTC) has just broken out of a short-term consolidation pattern, moving past key short-term resistance at $8,300 to $8,400. As of the time of writing this piece, BTC sits at $8,540 after touching $8,580 just minutes earlier. Many are sure that this is a sign of continued bullish momentum, meaning that a continuation to the upside may just be possible.
According to a number of analysts, Bitcoin closing above and around $8,400 on the daily or weekly resolution would be absolutely monumental for bulls. Josh Rager, a team member at Level and a popular analyst, recently noted that if Bitcoin closes above $8,300 in the coming hours, he would fully expect for a move to $9,600 to come to fruition. And interestingly, he isn’t the only one in this boat.