Even though the altcoin market experienced weakness, Bitcoin is still soaring high and is having an uptrend. As of the moment, the coin has gained $1,000 and over 10% as its price has reached $10,850 since bottoming at $9,800 last week. Buyers are now stepping in so the coin traded as high as $10,900. This reaction was due to MicroStrategy purchasing over 10,000 coins.
However, the leading cryptocurrency’s rally may end real soon.
Now, analysts are keeping an eye on $11,000-11,200. They say it may be a potential region where Bitcoin’s ongoing move higher will come to a stop.
Nevertheless, the long-term bedrocks of BTC were not affected in any way. Thus, most respected commentators are staying in a positive state.
Here’s the Pivotal Level Where Bitcoin’s Ongoing 10% Uptrend May End
In response to recent price action, analysts are now saying that Bitcoin’s uptrend could stall in the $11,000-11,200 range.
On September 15, one market commentator shared a chart that suggests that BTC’s price action appears to be structurally alike to the price action before the capitulation vent in March.
This further means that Bitcoin will top right around $11,000, then start a firm descent to the downside if history will really repeat itself.
On the other hand, one trader expressed his sentiments. He shared a chart that reflects that will likely be the point at which BTC’s rally reverses entirely, or pauses.
Long-Term Trends Bullish
Most of the analysts say that the asset’s long-term trends stay skewed to the positive regardless of t happens to Bitcoin in the short term.
A senior commodity analyst at Bloomberg Intelligence, Mike McGlone, expressed his thoughts as well. He stated:
If altcoins will fail to hold up, Bitcoin will definitely have a correction in the short term. However, there seem to be few long-term investors liquidating their bags here considering macro trends.