Bitcoin price analysis: BTC/USD capped by 200-DMA; expert predicts run towards $11,500
|- Bitcoin consolidates with mild upside bias after Tuesday's stellar rise.
- Bill Baruch expects BTC growth towards $11,500 shortly.
Bitcoin, cryptocurrency No.1, extended a stellar run on Wednesday to trade at $9,720. The bullish momentum led to the Bitcoin market cap increase by over $10B in a single day, reaching $165.5B.
BTC/USD broke above 100-DMA for the first time since the end of January, which makes the long-term picture look bullish enough for the experts to forecast an imminent run towards the next target of $11,500 in the nearest future.
“After fighting regulation headwinds and tax selling, the path of least resistance is higher, and I believe the sector still has much more upside in the long run. The ultimate upside is $11,500 to $11,800,” Bill Baruch from Blue Line Futures, who correctly predicted recent Bitcoin slump and rally, told in the interview with CNBC.
Bitcoin price technical picture
On the daily chart, the near-term upside is capped by 200-DMA at $9,900 with the next resistance coming at $10,000 and $10,280 (50% Fibo). If the coin surges above this area, the upside pressure may increase, to take the price towards $11,000 On the downside, a sustainable break below $9,160-$9,000 may take us towards $8,400.
BTC/USD, the daily chart
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