A crypto analyst at Brave New Coin says Bitcoin is facing a correction if it can’t top $11,400 in the near future.
Using a pitchfork pattern starting in August of 2016, Josh Olszewicz says BTC is facing a return to about $9,000. The pitchfork pattern is essentially a method of drawing three parallel lines through an uptrend or downtrend to search for potential areas of support and resistance.
Fellow analyst DonAlt says Bitcoin will likely face a drop to about $8,000 based on Bitcoin’s historical price movements, which often see a 30-40% drop after a big move to the upside.
Meanwhile, analyst Josh Rager is on the other side of the coin.
Rager says typical trading patterns don’t always apply to Bitcoin, and current consolidation could lead to another move to the upside.
Fundstrat co-founder and head of research Tom Lee believes Bitcoin may be pushing toward a new all-time high this year, which he says could create a fair debate on whether BTC’s first rise to $20,000 was a bubble after all.
Bitcoin is trading at $10,920 at time of publishing after reaching $11,127 on Saturday, a yearly high, according to data compiled by CoinMarketCap.
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