Bitcoin breakout target price has yet to be achieved. After a classic retrace, expect Bitcoin to surge to $11,350, the next major resistance on the cryptocurrency. Below I will discuss the technical analysis that allows me to predict this move.
Let’s start at the beginning of the breakout. Bitcoin broke out a week+ ago when it crossed and held above the $8,000 level. This level was found by taking the high from June 2019 and connecting it to the high from October 2019 (note the chart below). After breaking out and hitting a high of over $9,000, Bitcoin has faded in the last week. This fade has the bears screaming for further downside, but the crypto chart says the bulls are still in control. Based on the breakout above $8,000, where price surged above $9,000, this pullback is just a classic retrace to test the former breakout point. In other words, investors and crypto traders should expect a pull back to the $8,000 level. This is called a retrace to the ‘scene of the crime’.
Now, let’s talk about the Bitcoin breakout target price. After the classic retrace to the $8,000 range, traders and investors should expect another major move up to the next major trend line resistance point. This gives us the bitcoin breakout target price of $11,350. It is found by simply connecting the all-time high in December 2017 to the high in June 2019. This trend line give a perfect upside target for investors to expect. Based on technical analysis, this upside move is likely by April – June 2020.
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