Bitcoin (BTC) is presently trading at $12,974.
There are likely chances that BTC would see a continuation of its ongoing rally after a short consolidation period. Data from Skew indicates that all Bitcoin markets, including spot, derivatives, and options, are showing a high level of demand after the PayPal news.
Analysts expect the next consolidation range of BTC to be between $12,500 to $13,500 in the upcoming months before the next breakout.
Bitcoin options price probability chart. Courtesy: Skew
And with on-chain and market data continuing bullish signs for Bitcoin (BTC), top analysts believe that a 2017-style rally may be imminent.
According to a recent report by an online comparison resource finder which features 30 crypto experts, Bitcoin’s price is likely to reach $14,283 by the end of the year. While their average prediction stands at $14,283 by the end of 2020, other predictions point to a much higher price tag, for instance, S2F model creator PlanB.
An analyst sees BTC being in the first stage of an inverse Head & Shoulder breakout which may cause its price hitting $19,030 in the coming sessions. The Inverse Head & Shoulder is a bullish indicator that predicts a downtrend reversal.
The analyst noted that Bitcoin is now aiming for $13,829 after which it may climb higher towards the $16,510 level. This move would bring BTC closer to the 2017 structure at $19,030. This may somewhat be another confirmation that a 2017-style rally may be on the way.