Since last all time high at 11960, the market had plenty of time to exit. However it rebounded off 11500 and is now consolidating just below previous all time high, forming an ascending triangle .
Ascending triangles have 70% chance to break out and as typical with bitcoin , the longer it consolidates near all time high, the higher the chance it will make a new all time high (remember $8000?)
Price target is $12800
Before the ascending triangle pattern is complete it is very possible to see another dip to 11500 before the breakout.