Bitcoin Wants $4.4K Price Target
It is no secret that the price of Bitcoin, the world’s leading cryptocurrency, is back above the $4,000 mark. And based on the figures recently, it is safe to say that it is moving upwards again. It could possibly be on its way to a $4.4k price target.
‘A Symmetrical Triangle’
The world’s largest digital asset in terms of market capitalization had been trapped within the confines of a so-called symmetrical triangle. As a result, its range could not do so well but remain between $3,788 and $4,153. And this has been the crypto’s narrative for over a period of four days. Surprisingly, it moved and broke out above $4,200 recently.
As of this writing, Bitcoin has already managed to gain more than $100 on the day, gaining the ability to climb from $4,007 to $4,128. And this range already started even at the start of the day’s trading. However, everything should not be taken lightly immediately, especially since traders could have a pathway for moving the price to a key Fibonacci extension. The latter, in particular, could go around $4,441, which would only further boost the move above $4,000.
Apparently, though, the price action slightly halted along the primary Fibonacci extension point at around $4,159 just way before it continued to a slow yet steady incline. Still, it comes with an opportunity to spiral a momentum that would take it to $4,440 or above, post-consolidation.
Meanwhile, the volume for the period has also shot up substantially, with the move being backed by the largest injection since Dec. 20.
Moving At A Steady Pace
Evidence of the move can also be found and it is particularly where the price of the cryptocurrency has risen above the Nov. 26 closing price at $4,103, emboldening the bulls to push higher on the week as the new session begins.
The last crypto Christmas was marred by a continual sell-off, exemplified by Bitcoin’s breakdown from $16,490 to $12,500. But as far as its weekly run is concerned, it seems to have demonstrated a potential turnaround, with a large bullish candle accompanied by growing volume.
For starters, Bitcoin has really pushed above the ascending triangle breakout, leading to the primary Fibonacci extension line. Of course, anything could happen – and there are various factors to consider. But given the figures right now, it seems the leading cryptocurrency is going to hit its price target sooner or later.