Bitcoin has been in a longer period of sideways trading since it was rejected at $ 12,000 last Saturday. This has resulted in the cryptocurrency trading volume falling – possibly because traders have shifted their focus to small and mid-cap altcoins. As for the next evolution of the benchmark cryptocurrency, one analyst warns of expecting all too exciting in the near future.He believes Bitcoin will likely trade sideways for about two weeks before being able to withdraw and move higher continuously.
Bitcoin is facing significant resistance
At the time of writing, Bitcoin is trading at $ 11,750. That’s roughly where it has been trading for the past few days. The bears have put the region under significant selling pressure between $ 11,800 and $ 12,000 – and any venture into the area has resulted in a staunch rejection. Should Bitcoin break the mark in the near future, there won’t be much resistance until $ 13,000.
Analyst: BTC could consolidate for weeks before climbing higher
And the analyst who predicted the recent rebound from $ 9,000 to $ 12,000 believes the currency will trade sideways for a few more weeks before it really takes off:
“I’m a dip buyer, if one comes in around August 15, plus / minus a few days, the first thesis looks promising. Until then, I assume that we will remain in the consolidation of supply and structure before the next major price increase and the continuation until August 19 and 20. “
Once Bitcoin overcomes this short-term resistance it is currently facing, the next higher move will likely come in the form of a sharp surge to $ 13,000.