After rallying as high as ~$10,100 on leading exchanges this week, Bitcoin plunged off a proverbial cliff. Within 12 hours after hitting the highs, the cryptocurrency dipped by almost $1,000, crushed as long orders cascaded BTC lower.
While this was a bearish rejection at a crucial level, analysts are still bullish. They cite a confluence of technical and fundamental factors showing that the BTC trend remains slanted to the upside.
Related Reading: Crypto Tidbits: Bitcoin Fails at $10k, Ethereum Coins Explode, Coinbase Looks to Add 18 Altcoins
Bitcoin Is Prepared to Erupt to $14,000
Bitcoin’s recently price action may make it seem like a top is forming, but a fractal analysis from a leading analyst in the space has suggested the opposite.
A fractal in financial markets is when a bout of price action is experienced again at another time and for the same or another asset. As Investopedia explains:
The analyst suggested that a fractal has formed between the start of 2019’s 300% rally and BTC’s price action over the past few weeks. The fractal suggests that BTC will trade as high as $14,000 by the middle of July.
As a pertinent aside: the analyst who shared the chart below is known for observing accurate fractals, which predicted a number of key swings over the past year.
This, importantly, isn’t the only $14,000 fractal.
The same technical analyst that predicted Bitcoin bottomed at $3,700 just hours after the crash on March 13th recently shared the chart below.
The chart is of a fractal showing that Bitcoin will hit $14,000 in the coming five to six weeks, just as the first analyst mentioned remarked:
Other Technical Signs Also Signal Upside
There are other analysts that believe it’s only a matter of time before Bitcoin revisits the pivotal $14,000 level, just like it did in 2019.
One trader recently argued that Bitcoin flipping the $10,500 into support will lead to a rapid move to $14,000.
Related Reading: Over a Dozen Top Crypto Assets Are Up Over 10% Today: Here’s Why
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Eerie Bitcoin Fractal Predicts It May Be Just Weeks Before BTC Hits $14,000
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.