Bitcoin Price On Its Way To 11,711 USD

Bitcoin (BTC) is in amazing shape. A short term correction was shaping up last week, and this week it is clear that Bitcoin’s price is committed to move to $11,711 in the next few weeks and months. Our cryptocurrency predictions for 2019 which we published almost a year ago were bullish on the crypto sector, but we did not expect such a violent bullish move so early in the new crypto bull market. Members of InvestingHaven’s crypto investing service that got in early this year are beneficiaries, and the ones that did not take the trade received secondary entry points in last week’s crypto alert.

Last week, in Will Bitcoin Continue To Be Bullish In 2019 we said that Bitcoin will move in a range this year between 6k and 12k:

What we see as a chart pattern is an uptrend. However, the rally was pretty aggressive and likely not sustainable. We believe as said last week in Bitcoin Price: What’s Next in 2019? that Bitcoin will move in a range. It will have a bullish bias, but will not be non-stop bullish because this is the start of a new trend (outrageous bullish behavior only occurs at the end of a bull market).

To be more precise the resistance price level of this area is $11,711.

Visibly, based on this week’s price action, Bitcoin is committed to move to the top of the trading range. We see $11,711 as an immediate price target for the next few weeks, ultimately two months.

There is a high probability that after the summer Bitcoin will undergo a mini-crash, one that typically is violent. But because we are in a new trend, a new bull market, we believe this is the type of flash crash that may last a few days, maybe just one day, after which a quick recovery takes place.

If this forecast is accurate, acknowledging this is a medium term forecast, then it is imperative to wait for a new entry moment. Likely, it may be the last opportunity with interesting price points, after which we will not see current price levels anymore in this bull market. So it is imperative to be smart now.

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