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

  • Bitcoin has dropped around $200 from the daily highs as sellers have stepped back in.
  • The drop comes in spite of news that MicroStrategy, a Nasdaq-listed company, bought over $100m worth of Bitcoin yet again.
  • Analysts remain optimistic about BTC’s prospects.
  • Some traders are sharing charts indicating that Bitcoin soon moves above $11,000.
  • BTC, though, is outperforming altcoins, which is a market dynamic not seen in many weeks.
  • This may suggest that the prevailing trend may be bearish.

Bitcoin Could Soon Move Above $11,000

Analysts remain optimistic about Bitcoin’s prospects despite the recent weakness in the altcoin market. BTC in and of itself has slid around $200 from the daily highs while altcoins are dropping by over 10% across the board.

Referencing the chart below, which purportedly indicates that Bitcoin could soon 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.”

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Chart of BTC's price action over the past few weeks by crypto analyst CJ (@IrnCrypt on Twitter). Chart from TradingView.com

Others agree with the sentiment that Bitcoin will soon move towards $11,200. One trader shared the chart below, noting how the coin has caught a bid at the critical 100-period simple moving average, corroborating expectations of a move higher.

“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.”

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Chart of BTC's price action over the past 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 $11k

Source: Bitcoininst