Over the past few months, Bitcoin (BTC) has been on an absolute tear, rallying from $4,200 to $8,800 as of the time of writing this. This represents a gain of over 100%. Yet, with this monumental move higher, which has been one of Bitcoin’s best two-month periods ever, analysts have tried to keep a level head, expecting for a drawdown. While the case for a pullback has been laid out rather well, some are sure that BTC still has a bit of legroom when it comes to further upside price action.
Analyst Crypto Krillin recently noted that if Bitcoin is to fulfill its “usual blow-off top before a major correction”, $9,700 and beyond is still in play. As seen below, he is suggesting that Bitcoin can break out of the ascending channel it is currently trading in, and then rally all the way to $9,750 — a key historical level that acted as resistance in mid-2018.