Bitcoin is Poised to Rally Towards $17,000 Next as Outlook Grows Bright
Where the entire market trends next will depend on BTC, and there’s a solid chance that a prolonged bout of sideways trading will actually bode well for altcoins.
One trader is now looking towards $16,600 as a near-term target, noting that a break above $16,150 must come about first.
Bitcoin Consolidates as Altcoins Continue Gaining Momentum
At the time of writing, Bitcoin is trading down marginally at its current price of $16,000. This is where it has been trading throughout the past few days and weeks, with buyers and sellers unable to spark any near-term trend.
Where the cryptocurrency trends in the near-term will have a large impact on altcoins, as they have been rallying as a result of BTC’s stability.
It does need to close its weekly candle tonight above $16,000 to see any strength in the week ahead. A close below this level could strike a serious blow to the aggregated cryptocurrency market.
Trader Claims Push Towards $16,600 is Imminent
While speaking about Bitcoin’s technical outlook, one analyst explained that the benchmark cryptocurrency could soon push past $16,600 if it can reclaim one key level.
This level sits at $16,150 and could soon be surmounted by the crypto – if bulls can gain momentum.
“BTC – Highs are looking ripe for the taking. A move to $16.6k should take care of that. Further confirmation on a reclaim of $16,150.”
The coming few hours should shine a light on where the entire market will trend in the days and weeks ahead.