What Drives Bitcoin (BTC) to Soon Surge to $12,000 Mark?February 5, 2020
If you are a crypto enthusiast for years, you’ll remember how Bitcoin (BTC) price fell from $14,000 to $6,400, which is more than 50% decline back in June 2019 and December 2019.
On the bright side, the sudden reversal of the cryptocurrency market this 2020 pushed Bitcoin to rally from $6,400 low to $9,620, which marked a surge by 50%.
Possible Rally to $12,000 Mark
Most analysts have noticed that Bitcoin is currently tracking the price momentum seen from May 2019 to June 2019, suggesting that the asset could rally towards the $12,000 level. That price action would happen once BTC overcomes the short term consolidation.
Crypto commentator and technical analyst CryptoBirb are expecting that Bitcoin to retain the $9,000 levels and perform a retracement to medium timeframe demand under the $8,000. After that, he also expects that the price of the cryptocurrency could surge high towards $10,000 and even higher at the end of the month.
With a combined weekly close above the $9,600 mark and low timeframe retracement, BTC enthusiasts also hope for a move up by 36% to 40% higher at $12,500 to $13,000 than its current price of $9,200.
Crypto analyst Galaxy said that Bitcoin would soon break the $10,000 hurdle before it rallies to $12,000 following a short term crypto trading sideways.
In the case that the pattern will continue to play out, then BTC can possibly be seen with a rapid parabolic surge into a 5-figure price level.
Other than CryptoBird and Galaxy, another analyst also called BTC to rally towards $11,000 to $12,000 zones. Financial Survivalism said that the leading crypto already formed a medium-term cup coupled with handle reversal fractal.
Both the cup and handle often display a bullish pattern at which a crypto asset is forming two rounded fractals. As for BTC’s cup and handle, it targets a move of $11,675, which is 27% higher compared to its current price level of $9,200.
In addition, popular crypto trader Filb Filb noted that Bitcoin is gradually moving up towards its previous resistance that will lead to a surge to as low as $12,500 before the 2020 halving. He also noted that the said price level is possible since the major target for the bullish inverse head and shoulders (H&S) is currently forming.
Is Bitcoin Ready for $12,000 Surge?
In the meantime, investors across the crypto space were certain that Bitcoin could surge higher in the next few days.
A few days ago, BTC was trading at $9,275 at an over 1$ decline, which suggests a huge rejection from the daily highs of $9,550. The aforementioned price decline pushed the crypto asset to clear the recent gains last week.
Although that pullback does not massively impact the overall performance of BTC, it still marked a break on the 4-hour chart bull trend. So, the price tends to embrace the key EMA levels for support.
As to whether or not BTC is ready to reach $12,000 and beyond, the bulls are working hard to make that happen and witness a fresh, massive price surge before the halving.