Bitcoin has undergone a strong surge over recent days, surging from under $12,000 to $13,000 as of this article’s writing. Analysts are starting to expect even more upside as the coin posts candle closes above crucial resistance levels.
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Bitcoin Forms Pivotal Daily Close Amid Price Surge
Bitcoin just formed a pivotal daily candle close, analysts say.
One crypto-asset analyst that predicted BTC would see a V-shaped reversal after the March crash shared the chart below after the daily candle close just minutes ago as of this article’s writing. It shows that Bitcoin has printed its highest close since January 15th, 2018, just weeks after BTC hit $20,000.
Bitcoin managing to retake the $12,000 support level, then $13,000, is a notable win for Bitcoin bulls.
Those two levels have long been important for the cryptocurrency, marking as a point at which a number of rallies topped out.
Chart of BTC's price action since the middle of 2017 with analysis by crypto trader Bitcoin Jack (@Btc_JackSparrow on Twitter). Source BTCUSD from TradingView.com
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Room to Grow to The Upside
Analysts think that Bitcoin will continue its ascent to the upside in the days and weeks ahead, especially due to fundamentals. Vinny Lingham, CEO of Civic and a partner at Multicoin Capital, commented on the matter:
“I haven’t been this bullish on #Bitcoin since 2016. Macro events are teeing us up for another bull run. BTC could go 3-5X in the next 12 months, but if it goes 5X+, we’re back to bubble zone. Key indicator is BTC dominance – if it drops below 35% during the run, caveat emptor… With #Bitcoin now above $12k, the next 30 days will likely bring the highest inflow of fiat into crypto since 2017. No coincidence that this period is during the US election. Expect high volatility, but BTC likely won’t drop below $12k during this period.”
News broke today that PayPal is looking to acquire crypto companies, namely the crypto custodian BitGo.
Many see this as a validation of cryptocurrencies, and it may act as a catalyst for other financial technology companies and even traditional institutions on Wall Street to enter the Bitcoin space.
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Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Forms Highest Daily Close Since January 2018