Bitcoin Price Analysis: Analysts are Predicting a Surge In the Near-Term

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Azeez Mustapha

Updated: 13 October 2022

Bitcoin’s (BTC/USD) erratic price action over the past few days has kept its near-term trend in obscurity, as it is yet to close above or below any key technical level.

Many analysts now believe that a highly bullish pattern is emerging, which could have a major influence in the near-term.

The ascending triangle, which we pointed out in some days ago, has been forming for a few weeks now and the upper and lower boundaries have been tested several times.

A validation of this pattern could help the benchmark cryptocurrency print some significant gains in the coming week once it can successfully defeat the $12k mark.

Also, this pattern has emerged at a time when Bitcoin is showing some signs of growing strength after its bounce from the $11,200 support. The combination of this pattern with a positive market sentiment indicates that a breakout rally is imminent.

Key Levels To Watch

At press time, Bitcoin is trading up by about 2% at its current price of $11,576. The cryptocurrency has been oscillating between the $11,500 and $11,600 since its overnight rebound.

Yesterday’s selloff led BTC to drop as far as $11,150, before getting rescued by a strong influx of bull trades. The sharp decline almost reversed the bullish strength the cryptocurrency has been building assiduously for weeks now.

Nonetheless, analysts expect a strong surge to the upside in the near-term, explaining that BTC remains significantly bullish above $11,500

That said, key resistance levels include $11,650, $12,000, and $12,100. While support can be found at $11,150, $11,000, and $10,800.

Total Market Cap: $357.3 billion

Bitcoin Market Cap: $213 billion

BTC Dominance Index: 59.6%

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