How Bitcoin Prices Could Hit $11,500 in The Next Few Days

Another day and another yearly high has been hit by bitcoin on its march back upwards. Analysts are eyeing the next resistance levels and it seems that BTC has a bit further to go yet.

BTC has tapped a new 2020 high of just shy of $10,500 during todays Asian trading session. Since its jump back above five figures a couple of days ago the king of crypto has continued to march slowly higher reaching prices not seen since early September last year.

BTC price 1 hour chart – Tradingview.com

It appears to be forming a rising wedge on the hourly chart which could signal a short term reversal. Longer term patterns are bullish however as the uptrend strengthens.

So far this year bitcoin has made an impressive 45% which was enough to garner the attention of the pundits on CNBCs Fast Money yesterday.

Analysts have been eyeing next levels of resistance and Josh Rager has found a level of around $10,750 on the monthly chart.

And $BTC could get as high as $11,400 to $11,550 before topping out IMO

$BTC $10,761 remains the resistance on the monthly chart

But if we zoom in inside the monthly, we'll see horizontal resistance at $11k

And $BTC could get as high as $11,400 to $11,550 before topping out IMO (VAH/VP)

I'll stay in spot positions until then & likely hedge short pic.twitter.com/LjRnO01KwD

He added that horizontal clusters can be seen clearer on the daily chart which shows resistance at a similar level. $12k is also a target if BTC can break through initial resistance levels first, from there on there is very little preventing it returning to last years high of $13,800.

Other analysts are beginning to advise caution as the number of higher candles on the daily time frame reaches critical levels.

Considering the preceded rise and the absence of decent corrections, it is wise to be cautious with long positions, IMO.

It is far from this daily candle close, but if it remains green, it would be a TD Sequential "9" – a rare thing on a daily time frame.
Considering the preceded rise and the absence of decent corrections, it is wise to be cautious with long positions, IMO.
$BTC $BTCUSD #bitcoin pic.twitter.com/eVPoQeP2xJ

Bitcoin is making slow and steady progress when compared to some of its crypto brethren. Total market capitalization has topped the $300 billion barrier and an additional $8 billion has been added over the past 24 hours or so.

Ethereum is on fire...

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