Bitcoin price prediction – Time to take down the psychological $12,000 resistance

On October 8, bulls helped break the symmetrical triangle, which fuelled the rally to $11,700. It marked the end of a 4-week long stagnation period that saw traders and investors accumulate BTC/USD pair. The price stabilized near $11,170 overhead resistance as short-term traders booked profits. Bears did not rejoice much as bulls again took the price relentlessly above the $11,500 level giving clear signs that a long-term bullish rally is in play.

Bitcoin price prediction is currently in an extremely bullish territory as all technical and fundamental indicators are pointing towards continued upsurge. Today, close to $10 billion has entered the market as per CoinMarketCap data. There’s a surge in long positions around the $11,500 level, signifying a growing interest to pierce through the next resistance at $12,000.

Any dip towards $11,170 level will be another pitstop for the bulls to load up their ammo. Significant whale activity is accumulated further down south at $10,550 level. The sentiment is shifted towards buying the dips.

Further beyond, there’s $11,910 resistance that coincides with 0.786 Fibonacci level. Short term bulls would certainly book their profits here before touching the psychological $12,000 resistance. Bulls will have to muster significant volume to take down $12,000 as multiple macro events shape up in the coming weeks.

Bitcoin price movement in the last 4-hours

Bitcoin price prediction is firmly breaching the upper limit of Bollinger Bands at $11,600. The bands are stretched on the hourly timeframe reflecting an upward bias to pierce through $11,600 and establish a daily close above the $11,500 level.

Moving averages are displaying signs of an impending bullish crossover. MACD is clearly in positive territory. The ‘Relative Strength Index’ hovers around 63 levels indicating a bullish undercurrent is very much intact. If the buyers can close the day beyond the $11,610 level, then BTC/USD pair can swiftly take out $12,000 resistance.

On the other hand, the optimistic Bitcoin price prediction can turn upside down if the price dives the 20-day exponential moving average, currently located at $10,863. Though unlikely, a bearish movement can negate the gains pretty quickly as bears are ready to charge.

BTC/USD 4-hour chart – All technical indicators point up

RSI is approaching the overbought region, and traders may book small profits. The 4-hour chart clearly shows an upward bias with room to run on stretching Bollinger Bands. A minor correction can be a healthy opportunity for the bulls to push past $11,700 and take down the long-awaited $12,000 resistance mark.

Even if the price consolidates in a range between $11,170 to $11,466, the trend will bode well for the bulls. Further accumulation can happen as macro events shape up in the next few days. A close below $11,160 will bring bears into the picture.

The 0.168 Fibonacci retracement level presently stands at $11,462. BTC/USD pair must hold on above this level to paint a bullish picture on the daily timeframe. There’s critical resistance between $11,760 to $11,800, as these price pivots have played crucial S/R roles on the daily charts.

Bitcoin price prediction – Time to bring down psychological $12,000 resistance

Bitcoin price is now clearly driven by bullish factors, including technical indicators, robust fundamentals, stable geopolitical outlook, rising stock market, and institutional buying interest. No wonder bulls are looking confident on the back of positive Bitcoin price prediction to take down $12,000 resistance in the next few days.

The miners’ rolling inventory currently stands above 100 percent. The path of least resistance for the BTC/USD pair is pointing up, and bulls have the momentum to carry forward the next rally. The 50-day EMA firmly supports Bitcoin’s price at $11,030 level. Any correction will be handled well by the bulls as multiple support points will only emerge as buying opportunities.

Disclaimer – The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.