Analyst says Bitcoin primed for new all-time highs.

Leading RoboForex analyst RoboForex Dmitry Gurkovsky explains the possible scenarios for Bitcoin’s price movement.

The price of Bitcoin for the first time since December 2017 broke through the level of $18 000. However, trader sentiment is polarized: some believe in aggressive price growth and say this is only the start of a bull rally, while others expect a deep correction. In their view, large institutional investors are not ready to buy at the highs and await lower prices for good purchases.

Indeed, as the price approached the $18 500 level, there was a strong bounce down to $17 200, but even in this situation traders are not afraid of rising volatility and are ready to buy.

We could observe a similar correction when testing the $16 000 level, when the price fell to $14 300 and instantly bounced back. Probably, as quotes approach their absolute maximum, corrections could reach several thousand dollars, so in the near term one should be prepared for a significant rise in volatility.

Technically, the current trend remains quite strong. On the daily chart, BTC/USD quotes are confidently breaking through the upper bounds of the ascending channels, which serves as a strong signal in favour of further growth of the asset. It seems that in the near term the bulls will easily breach the $20,000 level. In that case, the next targets for growth could be at $22,000 and $25,000.

Daily BTC/USD chart on the Bitstamp exchange from TradingView.

On the 4-hour chart after today\’s correction there are grounds for forming the \”Diamond\” pattern, which could act as a continuation model should its upper boundary be breached.

4-hour BTC/USD chart on the Bitstamp exchange from TradingView.

Subscribe to ForkLog news on Telegram: ForkLog FEED — full news feed, ForkLog — the most important news and polls.