BTC monthly candle now flipped into bullish territory makes Bitcoin price could rally as high as $ 14,000

Bitcoin price has had some mixed price action over the past few days, plunging to a low of $ 9,400 yesterday before achieving a strong upward momentum to $ 9,800. It seems that the macro outlook of BTC is forming to support a lot of buyers, as the monthly candles are now turning into bullish territory.

Bitcoin price could rally as high as $ 14,000 before finding any strong resistance

This is a positive sign for Bitcoin’s long-term prospects though failing to surpass $ 11,000 is a grim short-term factor that needs to be considered. Assuming this bullish monthly candle will help raise Bitcoin higher in the coming weeks and months, some analysts noted that it could rally as high as $ 14,000 before finding any substantial resistance. This will closely coincide with its 2019 high of $ 13,800.

The ability to defend against any type of sharp downtrend even when the recent severe rejection it faced at $ 10,400 seems to be a positive sign for buyers.

It is important to note that these declines at these highs are the third seen in the past six months, prompting some analysts to note that a triple peak formation could take place if the BTC price cannot soar shortly.

According to analyst CRYPTO₿IRB, Bitcoin’s monthly candle is now well above a giant descending trend line formed at the time since it climbed to a high of $ 13,800 in June 2019.

Meanwhile, analyst Credible Crypto said that Bitcoin is poised to push as high as $ 14,000 in the weeks ahead.

If Bitcoin faces another swift rejection within the lower $ 10,000 region, however, it could be a clear sign that the crypto is not ready to push any higher.

Factors affecting Bitcoin’s ability to depreciate

Bitcoin’s price reach of nearly $ 20,000 in 2017 in December has a strong correlation with the launch of the CME Bitcoin futures contract. Therefore, the first factor still influencing Bitcoin’s price is the 2017 launch of CME futures.

PlanB – a popular cryptocurrency analyst who is the creator behind the popular Stock to Flow economic model – also revealed a few other factors affecting Bitcoin as follows. He also points to the 2018 ICO crackdown from the US government, the SEC’s refusal to approve and ETFs, the BSV hard fork, a disappointing Bakkt futures launch, and the pandemic as five other fundamentally bearish events that Bitcoin has shrugged off.

In spite of all this, Bitcoin has written incredibly strong – with its price holding steady around $ 10,000 while new investors flood into the market at a rapid pace.

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