Bitcoin has held steady above $ 16,000 in the past few hours and even gained momentum slightly above that level as buyers remain in full control.
This price action was undoubtedly bullish for the cryptocurrency, with a daily close above that level confirming that this recent surge is more than a fleeting pump.
Now that buyers have turned this into support, it may be time for BTC to see more gains in the near future
One analyst believes that Bitcoin is now entering „uncharted territory,“ which he describes as „unexplored territory.“
He notes that this kind of technical strength at such high prices is unparalleled.
Bitcoin has shown signs of immense technical and fundamental strength lately, with cryptocurrency pushing higher as the bears struggle to gain some momentum.
The strength of the recent uptrend remains unbroken. The bears have tried several times to reverse the trend in their favor, but each of these setbacks has been followed by a strong rebound.
The fact that buyers buy aggressively on every bear market is a positive sign – and there is a high likelihood that there will be more momentum in the near future.
One trader explains that this is „new territory“ for the benchmark cryptocurrency. He comments that there is „still tons of upside potential“ for Bitcoin.
Bitcoin stable above $ 16,000 – buyers remain in control
At the time of writing, Bitcoin is trading at $ 15,900. Here the asset has been trading over the past day, with buyers in control of price behavior.
With BTC closing its daily candle above $ 16,000 and showing no signs that it will drop below that level anytime soon, it seems like this is support now.
As such, the coin could be targeting $ 17,000 next. Every day, BTC is getting one step closer to reaching its all-time highs.
Analyst sees further upswing for BTC coming
Regarding Bitcoin’s macro outlook, one analyst believes the cryptocurrency is currently in „uncharted territory“.
He expects that BTC will go significantly higher in the medium term.
„That’s not even Hopium, BTC on a monthly basis is already in ‚unexplored territory‘ with tons and up ahead of it. If this continues, I may even be able to reunite with the family members I promoted crypto to on December 17th. „