Bitcoin Could Hit $12,000 in the Near Future: Here’s Why
Bitcoin has pressed higher in the past 24 hours, moving to $11,500 as of this article’s writing. The asset topped around $11,550 in this near-term rally.
The asset is poised to move higher in the coming days towards $12,000, one trader thinks. He cited three trends formed on Bitcoin’s four-hour chart: the creation of a divergence between the price action and the RSI, an “exhausted” supply region around $11,000-11,300, and the price currently attempting to claim the 200 simple moving average as support.
These three technical signs suggest that the price of Bitcoin is prepared to move higher, likely towards the year-to-date highs near $12,400 once again.
Chart of BTC's price action over the past few weeks with analysis by crypto trader "Inmortal Technique" (@Inmortalcrypto on Twitter). Chart fromTradingView.com
His optimism comes as analysts have been bullish about the fundamentals of the leading cryptocurrency.
Raoul Pal, CEO of Real Vision, thinks Bitcoin and gold remain in a good spot:
All Eyes on the Dollar
The U.S. dollar’s price action is likely to dictate the price of Bitcoin in the near future, though, especially because the currency controls gold.
The dollar is in a weird space due to recent comments from the Federal Reserve’s chairman Jerome Powell. He said that he may let inflation drift higher than the 2% target it has been at for years.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Here's Why an Analyst Thinks Bitcoin Will Hit $12,000 Next Week
Originally from Bitcoinist.com https://ift.tt/3gybKoM
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