Bitcoin is trading in range – a break could push it up to $ 12,000

Although Bitcoin remains far from its $ 20,000 peak, most investors remain bullish.

A popular analyst claims that Bitcoin can be launched as long as it breaks outside a certain range.

His opinion is of particular importance, as he has made accurate predictions before.

In June 2018, during the crypto winter, he predicted that Bitcoin would bottom out at around $ 3,200. This turned out to be true and BTC bounced back from that level.

The user, nicknamed ‘Smart Contractor’, recently indicated that Bitcoin will ‘explode ‘ after breaking out of its current trading scope and setting new highs for the year.

The analyst relies on Elliott’s waves for his technical analysis. He claims that BTC will probably reach $ 11,000 in three weeks and $ 12,000 in a month. 

It is quite possible that there will be a retreat before we see such a rise. Smart Contractor said in response to a user who highlighted this possibility: 

Yes, I’m aware of this scenario, as we saw in 2019, for example – breakthrough and sell-off – but I thought – how often does lightning strike twice in one place?

GalaxyBTC has indicated that a symmetrical triangle has formed and there is a chance that Bitcoin will fall to about $ 9,000 before moving to $ 12,000.