Bitcoin is flashing some signs of intense strength today. While Ethereum and most other altcoins either consolidate or drift lower, BTC just set fresh 2020 highs as its bulls target a move towards $14,000.
Ethereum has been underperforming Bitcoin as of late, but it also tends to lag a day or two behind it when the benchmark crypto pushes higher.
As such, ETH and altcoins may start surging at some point later today or tomorrow – assuming BTC’s rally remains intact.
One analyst is now noting that he is expecting BTC to see some slight turbulence in the near-term, noting that a decline down towards $13,000 would be “healthy.”
He also notes that a break below this level would end Bitcoin’s uptrend.
Bitcoin Pushes Higher as Aggregated Market Consolidates
At the time of writing, Bitcoin is trading up just under 3% at its current price of $13,420. This marks a serious surge from where it was trading just a day or so ago when bears pushed it as low as $12,800.
The support here proved significant and helped catalyze the momentum that has since sent BTC up to where it is currently trading.
Analyst: BTC Must Hold $13,000 or Risk Losing Its Strength
One analyst explained that $13,000 has now become a crucial level to watch in the short-term, as he believes another dip below this level would strike a serious blow to Bitcoin’s technical outlook.
He notes that a wick down to this level could be “healthy” and help incubate further upside.
“BTC LTF. Wick into grey would be nice / healthy imo, wanna see quick buyback from there. Lose grey and I’ll be fully out of longs.”
Image Courtesy of George. Source: BTCUSD on TradingView.
How Bitcoin continues trending in the days ahead should provide some insights into its near-term outlook and into whether a move to $14,000 truly is imminent.
Featured image from Unsplash.Charts from TradingView.
