Next Stop For Bitcoin: $4,500

After a period of consolidation last month, bitcoin looks poised to continue its massive bull run all the way up to $4,500 within the next several days.

That’s according to Aayush Jindal of NewsBTC, whoe has a great technical analysis of the current price trend:

Bitcoin price after the Hard Fork continued to gain momentum above $3000 against the US Dollar. The upside was so strong that buyers were able to break key resistance levels like $3700 and $3900. The price even broke a milestone level of $4000 and recently traded as high as $4098. The current uptrend is very strong and putting a lot of pressure on other cryptocurrencies like ethereum.

During the upside move, there was a break above a crucial contracting and ascending triangle at $3765 on the 4-hours chart of BTC/USD. It has opened the doors for further gains above $4000 in the near term. The stated triangle at $3900 might act as a support if the price corrects lower from the current levels. The 23.6% Fib retracement level of the last wave from the $3232 low to $4098 high is also at $3894.

BTC/USD

Bitcoin prices were at $4,103.49 on Sunday afternoon, up 4.74%, so a call for $4,500 certainly isn’t out of the question at this point. The price action subsequent to the Hard Fork event has been incredibly bullish, and momentum is reaching a fevered pitch, so we may need another pullback or consolidation first, however.

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