Within minutes, on January 6, the Bitcoin price spiked from $3,830 to $4,030 by around five percent. Bitcoin’s (BTC) bears would be put on the back foot if prices climb past key resistance lined up at $4,140.The leading cryptocurrency jumped to a two-week high of $4,090 earlier today, as expected, ending a weeklong period of low volume consolidation near $3,800.
The price of BTC soaked at level of $4000 on January 7, with a expectation to target $4500.
A breakout from an inverse head-and-shoulders usually yields a powerful move to the upside. BTC, therefore, could rise well above $5,000 (target as per the measured move method) if the neckline resistance, currently seen at $4,140, is crossed on the back of high trading volumes.
A $7 billion increase in the combined value of cryptocurrencies, the market has initiated a decent short-term price movement.
With this rise in price from the start of 2019, BTC is expected to excel the market and regain it’s worth.