Bitcoin moves above $12k, but a pullback could be underway

Bitcoin has stolen the spotlight as it moves above $12,000 again following a seven-day rally.

As the uptrend unravels, this technical analysis will explore the different scenarios where Bitcoin could go in the next few days.

The Adam and Eve double bottom pattern seen on the 1-day chart was validated the moment Bitcoin moved above $10,800.

Bitcoin has gone up to $12,300, which is very close to the target given by the bullish reversal formation.

The Adam and Eve double bottom pattern can be considered complete and now Bitcoin could try to pull back to the breakout point, $10,800, before the continuation of the bullish trend.

At the moment, Bitcoin is breaking out of the bull pennant and could be targeting a 45 percent upswing from the breakout point, which was determined by measuring the height of the flagpole.

If Bitcoin is bound to continue surging as the bull pennant predicts, it will first have to break through the major resistance cluster given by the yearly high of $13,870.

As a result, Bitcoin could soon pull back to around $11,000, like the Adam and Eve double bottom pattern forecasts before it continues its path to new yearly highs.

On the bigger picture Bitcoin remains bullish, despite the recent correction that it had. Now after a seven-day rally that has taken its market valuation up around 30 percent, there are different indicators that pinpoint that another short-lived retracement could occur.

As a matter of fact, Bitcoin could drop down to $11,000 in the next few days before it tries to aim for the $15,650 target given by the bull pennant that is forming on the 1-day chart.