Reported By: Bitcoinist.com
- Bitcoin and the entire crypto market are once again consolidating following the latest push higher, with bulls being unable to firmly push BTC over any key levels
- The cryptocurrency is incurring mounting technical strength, however, which comes as it stabilizes around $11,500
- Where the market trends next will likely depend on the cryptocurrency’s continued reaction to its $11,600 resistance
- If broken above, this level may ignite a massive BTC rally that sends it past $12,000
- One analyst believes that this is a strong possibility, and is now looking for its market cap to reach $600 billion in the near-term
It has been a boring past couple of days for Bitcoin and the rest of the crypto market, as the benchmark digital asset has been ranging around $11,500 as bulls try to build enough strength to break $11,600.
This has been a historically important level, and the resistance here has proven to be somewhat significant.
While sharing his thoughts on where he expects Bitcoin to trend next, one analyst set his sights on the cryptocurrency’s market cap.
He believes that a move up to $600 billion could take place in the near-term.
Bitcoin Stabilizes Around $11,500 as Bulls Target Move Past $11,600
At the time of writing, Bitcoin is trading down marginally at its current price of $11,460. This is around where it has been trading throughout the past few days.
The cryptocurrency’s ongoing consolidation phase comes as it rapidly approaches its $11,600 resistance, which has long been a level being closely watched by analysts.
It has yet to break above this level for an extended period of time throughout the course of this recent move higher and has primarily been consolidating around its current price.
If bulls cannot step up and push BTC any further, this consolidation phase could revert into the downtrend that it was previously facing.
Analyst: BTC’s Market Cap is Poised to Reach $600 Billion
Despite the recent turbulence seen by Bitcoin’s price action, coupled with its slowing upwards momentum, one analyst believes that a $600 billion market cap is in the cards in the near-term.
He said this while pointing to the below chart, noting that the crypto’s market structure – in terms of market capitalization – has been shaping up nicely.
“Bitcoin: Very healthy construction going on here. A higher-high made after a higher low was created. Just another range-bound period before breakout above $400 billion. The next target zones are $500 and $600 after that. But very healthy upwards trend,” he said.
Image Courtesy of Crypto Michaël. Chart via TradingView.
Unless Bitcoin reverses its strong upwards momentum, it does appear that further upside could be right around the corner.
Featured image from Unsplash. Charts from TradingView.