Bitcoin Price Textbook Breakout Pattern May Trigger Big Rally to $8.5K

The Bitcoin price (BTC) has surged by 5.6% in the last 12 hours, cleanly breaking out of the $6,800 to $7,000 resistance range for the first time since its drop to $3,600 on March 12. What Bitcoin needs to rally to $8,500 in the near-term The $8,500 resistance level, which prominent trader PentarhUdi predicted in early March to act as a short-term top in the second quarter of 2020, is a key historical area where BTC rejected from several times in 2018.

Source: TradingView In the near-term, as cryptocurrency analyst Michael van de Poppe noted, the Bitcoin price would need to break out of $7,200 to secure momentum and push through to higher levels that include $8,500. If the Bitcoin price continues to defend the $5,800 support level throughout the upcoming weeks without seeing a further fall to the $4,000s, it could serve as a strong argument that the bottom for BTC was hit on March 12.

Timeline of Bitcoin