The Currency Analytics
By TCA PR
Possible Rally to $12,000 Mark
Is Bitcoin Ready for $12,000 Surge?
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%.
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.
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.
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…
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.
Both the cup and handle often display a bullish pattern at which a crypto asset is forming two rounded fractals.
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…
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.
Although that pullback does not massively impact the overall performance of BTC, it still marked a break on the 4-hour chart bull trend.