Bitcoin price rips above $12,000 with 6% upside

Analysts had flagged this possibility. Back in August, when Bitcoin broke above $12,000 again, traders predicted the bull cycle would include 20% pullbacks. The recent slide to $9,800 matches that pattern. Josh Rager, co-founder of Blockroots.com, highlighted a crucial milestone: Bitcoin "hasn't had a weekly close above $12,000 since January 2018." The current rebound indicates the uptrend will continue, Rager argues.

Filbfilb, a trader with 48,500 followers, sees a parallel to four years earlier. Bitcoin then faced a critical Fibonacci retracement level and pushed through it. Filbfilb calculates that Bitcoin has taken 1,057 days to clear the 50% retracement on this cycle—the same duration as the prior bull run. "It never looked back after that & tested ATH by January," Filbfilb tweeted. He characterizes Bitcoin's price movement as "cyclical" and "difficult to escape from."

On the 4-hour chart, support sits near $11,550 at the SMA50 and $11,246 at the SMA100. The RSI stretched higher without showing a bearish divergence. The MACD is bullish. The 1-hour frame shows declining buying pressure over the past few hours. The bullish outlook survives if prices remain above the SMA50, SMA10, and SMA200.

A break above $12,500 opens the path to $13,800. Traders have grown bullish, with altcoins bleeding as capital rotates into Bitcoin.