Bitcoin has been on one crazy rollercoaster ride over the last few months, and now it finally looks as if it’s breaking out.
We’ve been stuck in a descending channel since July, but the recent push up past the infamous $11.1k mark has taken us out of the channel, for now at least.
If this push continues with all the strength it can summon, then there’s a great chance that we’ll see $12,000 before the week is out!
Sometimes You Have to Go Back Before You Can Go Forwards
Going backwards isn’t always a bad thing. In fact, sometimes the only way to go forwards is to go backwards first.
If Bitcoin can have a bit of a red day today and drop max 2%, then we’ll be nicely setup for a springboard push upwards towards $12,000.
So, if Bitcoin does start to pull back a bit, which is has already at the time of writing this, then don’t panic – buy, buy, buy.
The party bus won’t wait for you once it gets going, and a small pull back is all Bitcoin needs to reach $12,000 before the end of the week.
Over the weekend, Bitcoin fulfilled last week’s targets and smashed through that tricky $11.1k zone, and as we said then, if that manages to hold then we’re heading on up.
This remains true to this day, and $11.1k will now likely serve as a support level should Bitcoin need to pull back that far in preparation for its next advance.
Does That Mean January Will Be Big?
For us to see Bitcoin at $12,000, we still have a bit of a way to go and a few conditions to be met, but it’s a likely scenario for the rest of this week.
If this pans out, then we’re back on track for our prediction of $19,000 for January 2021.
That’s right, you heard it here first, Bitcoin looks set to be around the $19,000 level by January 2021.
On the weekly charts Bitcoin is shaping up nicely to close October close to $13,000 and carry on a meteoric rise through November and December.
Along the way we will see pull backs, but as we’ve explained for this week’s action, they’re necessary, acting as springboards for the next push.
If there are any dips and pull backs, it’s well worth using these as buy zones.
Once the party train leaves the station from these dips, it takes a lot of work to stop it and bring it back down, so don’t miss out!
Cash Out or Let it Ride?
If you’re currently on a hot streak at your favorite Bitcoin casino, there’s no need to panic. Your Bitcoin will appreciate in value wherever it is – as long as Bitcoin goes up, that is.
So, if our analysis is correct, then you really don’t need to do anything if you’re already in Bitcoin.
On the other hand, if you’re still in fiat waiting for a good buy price, we suggest you get your finger on the trigger, ready to execute a buy order.
The price won’t get much better than it will today during this small pull back.
Get ready for the next bounce as we head into the $12,000 territory!