Bitcoin has been seeing one of the strongest and most sustainable moves higher it has seen in ages, with the benchmark cryptocurrency surging as analysts eye further upside.
This strength isn’t showing any signs of wavering, as buyers have aggressively absorbed each dip.
While sharing his thoughts on where the crypto might trend in the near-term, one trader explained that although he does expect upside, Bitcoin could technically remain in a bull market so long as it holds $11,000.
As such, there is some room for it to plunge in the near-term, which could mean that there will soon be a retrace before it can extend its momentum.
Bitcoin Continues Pushing Higher as Bulls Shatter $16,000
At the time of writing, Bitcoin is trading down marginally at its current price of $16,200. Although this marks a strong upswing from its recent lows of $14,800 set just a few days ago, it marks a slight retrace from its overnight highs of $16,500.
Where the crypto trends next will likely depend on the upcoming weekly candle close.
If this candle closes above $16,000, there’s a strong possibility that significantly further upside is imminent.
BTC Nears 200 Days of Gains as Uptrend Persists
One analyst observed that Bitcoin has been in an uptrend for nearly 200 days now.
He notes that as long as BTC holds above $11,000, its trend still greatly favors bulls.
“Bullish BTC post for continued engagement you ask? Sure. Approaching 200 days of continuous uptrending action on Renko. 4x longer than our last cycle to $14,000. It also means that anything down to $11,000 keeps us chugging along in the bullish train. Opportunity ahead.”
The coming few days should shine a light on whether or not Bitcoin will see any sharp retrace before it ascends to fresh all-time highs.