Bitcoin Price Next Stop is $12K, MKM Partners Analyst Calls

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Bitcoin has consolidated above $10,000 this week, gaining 45% year-to-date. According to a technical analyst, the rally hasn’t consumed yet. Bitcoin Enters High-Momentum Phase JC O’Hara, chief market technician at MKM Partners, told CNBC’s “Trading Nation” yesterday that cryptocurrencies tend to trade in two distinguishable phases. The first is the dormant consolidation phase, which is followed by a high-momentum phase. As of today, Bitcoin is fluctuating within the second one. And when you look at bitcoin we’re starting to see signs that the dormant consolidation from the second half of last year is slowly starting to change in terms of positive bullish momentum here After surging to above the $12,000 level in June, the king of crypto started to lose momentum and consolidate. The cryptocurrency touched the bottom in mid-December and has been rallying since then. O’Hara said: We broke out of the downward sloping trend channel. We’re breaking above…

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