Bitcoin (BTC) Update: Will $12,000 come into sight or will the price drop?

The Bitcoin (BTC) price at the time of writing is around $11,400. We look at the charts and discuss the possible scenarios, read the update here!

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Bitcoin update
It still looks bullish, Bitcoin’s course. With a test towards $12,000 in recent days, we can see the strength of the upward trend again at the moment.

The first test of over $11,700 has not yet held up. But support is already being found in several places. As a result of which the upward trend is once again in sight.

By keeping this level above $11,000 we can see that the price is still moving strongly. And keeping a price above $10,000 for a long time.

Signals that may indicate that we will soon also be able to see the $12,000. So far, however, that has been a difficult place for Bitcoin’s price. This could result in a strong reaction, with a chance of another dip.

Bitcoin day chart

The daily chart of Bitcoin’s share price shows a nice upward trend in recent days. With the breaking up of $11,350 which now also serves as support. The place where the price is now, around $11,400, is where we saw a longer consolidation last time. After which the exchange rate broke down, only to come back again now.

So there is a chance that we are going to see another period of consolidation. That depends on whether the current support around $11,350 knows how to hold.

But it also depends on whether the resistance around $11,750 gives a lot of resistance. However, we do see that the price is moving strongly upwards and a test of $11,750 may come soon. Should this test fail, we will most likely repeat the movement we saw during August.

Bitcoin day chart 15 October 2020

As a result, consolidation can continue for a longer period of time. Provided we see more volume and the price continues to rise. Then $12,000 quickly comes into sight. And it is important that $11,750 is maintained as support for a $12,000 test. Otherwise we will fall back into the consolidation zone.

With a dip down, $11,350 would be strong enough to sustain the price. Especially considering the many support and tests of this level. A lower dip is not to be expected, provided that bearish volume will suddenly rise sharply. What we do not see happening at the moment.

A consolidation or short-term increase are therefore the most obvious at the moment. Whether we will actually see the $12,000 soon depends, among other things, on the volume.

For the time being, as it looks now, consolidation is obvious and we will make this level a lot stronger again. In this way, the $10,000 will remain further and further behind us, a good sign!