A Bitcoin eruption to the $13,000 level is highly possible as the entire market structure remains bullish as the asset was breaking out around the $11,500 and $11,700 region for a few days as we reported in the latest bitcoin news.
Just a few hours ago, the cryptocurrency crossed the $12,000 level. while BTC was slowing around, the analysts said that a Bitcoin eruption to $13,000 could happen. They said that the cryptocurrency moving past this level could trigger an even bigger move to the upside. Analysts are eyeing a $13,000 price target for BTC as the resistance seems to be falling to the bulls’ arms.
BTC bulls will have to watch out for the trends in the price of gold as it has effectively dictated the direction over the past few weeks. Bitcoin surged above $12,000 for the first time since August 2nd and the move has stalled around the same levels as a few bears predicted. There are, however, analysts that think a move towards $13,000 is imminent. Eric “Parabolic/King” Thies, a crypto analyst said that BTC’s macro price action in the long term is to watch out for. According to him, there’s little macro resistance until BTC hits $13,300.
The expectation of a move towards $13,000 was echoed by other analysts. Bitcoin’s rally above $12,000 today marked the conversion of the bearish market structure into a bullish one referencing that the rally formed a higher high in the near term. The expectations of a move beyond this level has been corroborated by the weekly price chart as the asset closed above $11,500 marking a weekly close since 2018.
Bitcoin’s close above $11,500 confirms the multi-year bear run that will ensue what it takes to lead the cryptocurrency on new lows. While Bitcoin could be poised to move higher, the investors should keep an eye on the gold price. Over the past few weeks, gold was leading the BTC trajectory as a correlation started forming. With the US dollar breaking higher after the drop, BTC could be able to diverge from gold if the altcoins are able to push the leading cryptocurrency by the upside.
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