Bitcoin is Poised to Rally Towards $17,000 Next as Outlook Grows Bright

Bitcoin and the aggregated crypto market are currently consolidating, with buyers and sellers both struggling to gain any control over its near-term outlook.

Where the entire market 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 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 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.

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