Bitcoin has seen some afternoon volatility today after the cryptocurrency dipped as low as $8,400 before quickly surging up towards $8,800. This dip and subsequent rise further confirms the massive amount of support that exists directly below BTC\u2019s current price level, and bolsters its bulls.<\/p>\n
Now one prominent analyst is explaining that Bitcoin\u2019s recent price action is closely mirroring a fractal pattern seen just prior to the parabolic rise in early-summer of 2019, which may suggest that Bitcoin will soon rally into the five figure price region.<\/p>\n
This rally may lead it into a significant resistance region, but it is important to note that there is a key level just above its 2019 highs that could catalyze a move that allows BTC to set fresh all-time highs.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up just under 1% at its current price<\/a> of $8,740, which marks a notable climb from its daily lows of $8,400 that were set just a few hours ago during a sharp downwards movement experienced by the crypto.<\/p>\n Bitcoin\u2019s rally from these lows has sent it to what appears to be near-term resistance, which may suggest that it will soon revisit its recent highs of $9,200 if bulls are able to successfully propel it above its this level.<\/p>\n The next series of movements that BTC experiences could help lead it up towards the five-figure price region, as one fractal pattern that the crypto is currently mirroring suggests that it will rally up towards $11,000 before it faces any notable rejection.<\/p>\n Dave The Wave \u2013 a prominent analyst who accurately predicted multiple notable BTC movements throughout 2019 \u2013 spoke about this factor in a tweet, saying, \u201cshorter term\u2026fractal still alive,\u201d while pointing to the targets seen on the below charts.<\/p>\n Shorter term<\/p>\n Fractal still alive… pic.twitter.com\/NoY5igvRCw<\/a><\/p>\n — dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) January 21, 2020<\/a><\/p><\/blockquote>\n\n