Bitcoin has shot past the $11,600 mark and is now just shy of trading for $11,700. $300 more to go and bitcoin can reach $12,000, which is considered a serious level for the world’s number one digital currency by market cap.
Bitcoin Continues to Shoot Up
Some analysts believe that this is the start of something quite big, though it may be a bit early for bitcoin fans to break out the champagne. While things are going well for bitcoin, there are still some serious resistance points that the currency needs to watch out for, case in point both $12K and $13K.
Jesse Proudman – CEO of crypto hedge fund Strix Leviathan – explained in an interview:
Bitcoin’s bounce off its March lows, bolstered by the eye-popping performance of other large-cap cryptos certainly has the initial indication of the beginnings of a broader bull market. The real test will be if bitcoin can break both $12,000 and $13,000, posting higher highs over the proceeding market rallies in 2019 and 2020.
The initial sentiment is that bitcoin has what it takes to rise beyond $15,000 in the coming weeks, though to do this, it must first surpass these first two mentioned levels and stay above them with ease. From there, it will likely have a simpler time when crossing the $15K line, thereby bringing it closer to its all-time high of $20,000 by the time we’re ready to say goodbye to 2020.
Jon Pearlstone – the publisher of the Crypto Patterns newsletter – also looked at bitcoin’s current price movements and gave his ideas regarding where the currency could go in the coming months. He stated:
While bitcoin’s current move higher above $11,500 is another bullish sign, for now, it’s primarily a move higher retest of the weekend spike high of around $12,000. How price and volume react if bitcoin reaches $12,100 – $12,500 will be important. If bitcoin can break the key resistance level of $12,500, then the next target will be the prior cycle high around $14,000. If price falls from that $12,500 range, first support would be $10,500.
He further stated that if the currency fell from $10,500, the next support level would be at around $9,500. He did offer good news in that both these levels showed great strength during bitcoin’s latest flash crash, though naturally, fans everywhere are hoping additional drops don’t occur.
No More Drops, Please!
Either way, bitcoin appears poised for solid growth in the coming weeks and months considering how long this bull run has lasted and how much the currency has shot up. In just the last two weeks alone, the world’s number one cryptocurrency has risen by nearly 30 percent.
In addition, these final months means we’re coming down to the wire with the U.S. presidential election, which is likely to give bitcoin an even bigger boost towards the end of the year.