Bitcoin has once again rejected the $6k support and today once again breaking the downtrend trendline or the descending triangle pattern. The trend seem to be turning bullish, especially if today’s daily close will be above the downtrend trendline.
It the trendline will be broken, Bitcoin will most likely rise towards the $10k psychological resistance in a relatively short period of time. This is a very strong level, where price might start to consolidate. But if this resistance is broken, next upside target will most likely be the 88.6% Fibs, that is $18k area.
From that price a strong correction is very likely to take place and considering the average Bitcoin correction during an uptrend, BTC/USD should fall by 40%, towards the $10-11k support area, which is the 38.2% Fibs level.
This might be the time when institutional investors will step in, resulting in a strong growth of Bitcoin, the target for that wave could be the 161.8% Fibs, that is $30k area. Break above the $30-35k price, should confirm a very strong bullish momentum for the Bitcoin in the long-term.