Bitcoin (BTC) has finally broken out of an ascending triangle/symmetrical triangle pattern it has been stuck in for two weeks now. With this rally, BTC has tapped $8,900 and continues to hold $8,800 as of the time of writing this. As the buying and selling pressure has slowed, analysts have done their best to postulate what’s next for the cryptocurrency. And while some are calling for Bitcoin to “moon”, lacing their comments with hopium, some are adamant that this rally is out of hand, implying an impending correction to potentially pre-run levels.
A number of recent analyses have suggested that all things considered, Bitcoin still has room to run from here, despite its absolutely monumental performance in 2019 so far. The look to the fact that BTC closed its weekly candle above $8,400, the upper band of the aforementioned triangle patterns, suggesting that bulls are entirely in control. From here, analysts across the board are looking to $9,600 to $10,000, as there lie the next horizontal resistances for the cryptocurrency. Once BTC hits that region though, a pullback may just be inbound.