Bitcoin price has started to break out after going sideways around $ 11,500 – $ 11,700 for several days. Just a few hours ago, Bitcoin surpassed the critical $ 12,000 level. While Bitcoin is slowing down at that level, analysts are still optimistic about the prediction that BTC will reach $ 12,000, triggering an even more significant bull move.
Bitcoin price could soon rise to $ 13,000
Bitcoin rallied above $ 12,000 shortly before today, for the first time since August 2. The move has stalled around that level, as some bears have predicted. There are even analysts who think the move to the $ 13,000 level for the flagship cryptocurrency is imminent.
Eric “Parabolic/King” Thies, a cryptocurrency analyst and indicator creator, shared the chart below after the move to $12,000. It shows BTC’s macro price action with long-term resistances to watch out for.
According to him, there is little macro resistance until Bitcoin reaches $13,300 — 10.8% or $1,300 above the current market price.
“$BTC 1M Chart. Current price $12,025. Resistances at $13.3k -> $14.5k -> $17.1k -> $19.5k. Bull run starts at new ATH… $20,000. Lets ride.”
Chart of BTC’s macro price action with resistance analysis by Eric “Parabolic/King” Thies, a cryptocurrency analyst and indicator creator | Source: TradingView.com
An analyst CryptoISO has repeated expectations for $ 13,000. Bitcoin’s rally above $ 12,000 today marked the transformation of a bearish market structure into a bullish price. Expectations for moves to and potentially beyond this level have been further corroborated by Bitcoin’s weekly price chart. BTC closed above $ 11,500 on Sunday night, marking the highest weekly close since early 2018.
BTC closing above $ 11,500 confirms that a multi-year price drop will not ensue that will send the cryptocurrency to a new macro-low.
Bitcoin has reached its “now or never moment”
2020 has proven to be the year of Bitcoin so far. This asset has beaten stocks, gold, and nearly every other asset in ROI as of now. Now that all eyes are on the first cryptocurrency, a British fund manager with billions of pounds under management claims that Bitcoin has reached “now or never moment”.
The next uptrend of Bitcoin is expected to be fueled by incoming institutional money. Even though that story has been around for years, dating much further than the Bakkt launch last September, it has been unsuccessful.
Only recently did institutional interest begin to grow, after hedge fund chief Paul Tudor Jones compared cryptocurrencies to the role of gold in the 1970s.
At the time, the asset traded at just $ 35 an ounce. Today it is worth over $ 2,000 an ounce thanks to decades of mismanaged monetary policy and inflation. Like gold, Bitcoin’s digital scarcity is said to cause it to behave similarly when faced with an economic environment rife with an increase.
With the Federal Reserve printing more money each quarter, institutions are finally looking toward Bitcoin for this reason. And brought the cryptocurrency, according to on hedge fund manager, to the asset’s “now or never moment” with institutions.
BTCUSD Hedge Fund Manager Five-Fold Target By 2023 | Source: TradingView
The bullish cryptocurrency market, along with precious metals, bodes well for the budding new type of financial asset. It is proving to the world that the safe-haven story has legs, and the scarcity of digital assets is proving its worth in today’s economic landscape.
You can see the Bitcoin price here.
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