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An influx of sidelined money into market, suggest Bitcoin price remains fundamentally strong and likely to rise to $ 14,000

At press time, the Bitcoin price has recovered a bit, rising above $ 9,800. Analysts believe that this price action may indicate that there is a cash flow linked to BTC. And obviously, this is a good signal for Bitcoin anyway; it also shows that many new sources of capital are starting to enter the market.

The market structure of Bitcoin price is still very supportive of buyers

After falling to a low of $ 8,600 on some exchanges, many buyers stepped up and pushed Bitcoin prices higher. At press time, the Bitcoin price is trading just under 2%, with the current price of $ 9,750. It seems to face some selling pressure here.

Crypto analyst Mohit Sorout noted that Bitcoin’s dramatic increase after monthly openings was driven by the entry of money into the market.

This chaos did not cause any severe damage to Bitcoin’s technical prospects. This next uptrend could also be bolstered by the newly injected capital.

Crypto analyst Crypto Michaël said he didn’t see too many problems with Bitcoin. Moreover, the market structure is still trending upwards.

More forecasts of BTC price over $ 14,000 have appeared

As AZCoin News mentioned above, if Bitcoin has a new source of capital flowing into the market and sustains momentum in the days and weeks to come, it’s likely that buyers will move to invalidate the triple-top formation that has been emerging, while also targeting new yearly highs.

Therefore, some analysts think that Bitcoin’s medium-term outlook is still extremely strong. In it, cryptocurrency analysts K A L E O (@CryptoKaleo) said he thinks Bitcoin is ready to rise to over $ 11,000 in the near future.

Agreeing with K A L E O, Credible Crypto analyst said that Bitcoin’s continuous uptrend will not end soon. Because after breaking out of the regional resistance from an average of $ 9,000 earlier this week, Bitcoin has confirmed this is a support level. Therefore, he thinks that the price of BTC is ready to be pushed to as high as $ 14,000 in the coming weeks.

He stated:

“I’m not seeing too many problems for BTC at this point. The structure is still upwards trending, with a deviation above the previous high. $9,700-9,800 could be a problem area. But the crucial zone of $9,150-9,300 is still providing support.”

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