After months of anxiety, the Bitcoin price is finally climbing like a rocket. Most of the cryptocurrencies are also performing well. The second most popular cryptocurrency in the world, Ethereum has cracked $360 and is also climbing like crazy. The BTC price could be in the bull market as it has touched $11,637.98 (+3.75%). Let’s see more about this in detail.
Bitcoin Price Analysis: BTC Price has a clear path to $12,000?
The Bitcoin price is displaying the bullish momentum. If you closely analyze then you will find that this bullish momentum is very strong but a strong concentration is required. At the time of writing, the price is hovering around the $ 11,700 mark, and it could soon reach the $12,000 mark.
The Bitcoin price has been in an uptrend from the past few days but has not strengthened just yet. This could not be essentially critical as the breakout above $10,500 was remarkably significant. As per the previous Bitcoin price analysis, the important thing to remember here is that Bitcoin is growing very bullish in 2020 and looks stable in the medium to long term. However, traders can only expect another bull run if the price breaks the golden ratio at $13,800 but before that, the price should touch $12,400. The key metrics are as follows:
24hr Change +3.75%
24hr Vol $2,502,348,901
Liquid Marketcap $214,246,313,868
Liquid Supply 18,447,810
Max Supply 21,000,000
Bitcoin Price Analysis: The BTC Price and the Short term ROI
Over the past seven days, the Bitcoin price performance (ROI) vs USD quite impressive. The ROI has increased by almost 20% and the number of unique addresses that engaged in a transaction at any point during the past 24hrs is almost 1,062,920.
The RSI is in the overbought area. This could be the indicator that the Bitcoin price could touch $12000. The MACD could be displaying the buyers’ influence and the daily and the weekly chart both are also quite bullish with an uptrend. The significant resistance level for Bitcoin could be $12,400 but the RSI is on the verge of overextension and that is why the Bitcoin price must touch $12,000.
The thing is no one can accurately predict anything about Bitcoin price because the market is volatile and it depends on the investors and particularly the whales who hold a large amount of cash.
Still, there could be a possibility that the BTC price could touch $12,000 as it is displaying the strong bullish momentum. The range between Bitcoin’s lowest and highest trading prices over the last 24 hours is $11,110.07 – $11,780.05. This would build trust in the bullish market further climbing Bitcoin price to $12,000. We wish you happy trading!