Bitcoin price prediction: retracing towards $12000, analyst

• Bitcoin price prediction expecting a bullish day
• Bitcoin likely to retrace towards $12000.
• Strong support found at $11,300 mark.

The king of cryptocurrency has seen a downward retrace towards the $10,000 mark moving in the expected pattern. As the previous Bitcoin price prediction suggested, BTC price saw a bearish fall to the $11315 low. However, with $11,300 serving as the strong support mark, the king was able to rise back up towards the $11,500 mark.

The 24-hours high was observed at the $11,550 mark while the 24-hours low was observed at the $11310 mark. Bitcoin price is stands at the $11381 mark at the time of writing.

Bitcoin price prediction optimistic for $11600

In his Bitcoin price prediction, Trading View analyst Solldy explains that the BTC price is moving in a rising wedge and in the current pattern it is very likely to hit the $11,600 mark soon.

Solldy traces the strongest support to the $11342 mark and further below at the $10893 mark. Moreover, the current resistance is found at the $11564 mark.

Another famed Trading View analyst Atlas Traders also believe that the king of cryptocurrency has found strong support at the $11300 mark and is likely to move into a bullish trend now.

Atlas furthers that the strongest resistance level is found at the $11735 mark, and if Bitcoin price manages to get past that barrier, the next major stop would be the $12000 mark. On the 30-day chart, Bitcoin is showing strong support at the $11400 mark and is likely to use this support level to get past the current resistance.

Bitcoin price to break through resistance

Trading view analyst Vince Prince is of the view that the cryptocurrency is currently going through a reverse head and shoulder pattern and given the very nature of this pattern, a breakout above the current resistance levels is very likely.

Prince explains that there are two possible outcomes to consider here. The first would be that Bitcoin manages to move above the descending-trend-line marked in grey to set up on this and form further bullish movements, which will confirm a bullish confirmation.

While the second possible outcome is when Bitcoin breaks below the neckline and closes there to continue with bullish pressure to the downside, Bitcoin has still established a bullish pace and some solid supports in the channel, which can move the price higher.

Prince furthers that, on the probability scales, the bullish outcome currently has a higher possibility than the bearish one; nevertheless, it is highly important to wait on the proper confirmation. Patience is the key before going in the right direction, which is also the difference to merger speculation seen too often these days.

It will be important how and when Bitcoin confirms the next developments in the right direction to take appropriate action then. Cautious trading is advised as always to ensure good profit yields and low losses in the trade arena.