By Hassan Mehmood (Saudi Arabia)
Bitcoin is currently trading in the zone between $11,500 and $11,700, which also act bullish support for it. Whenever Bitcoin rejected from $12,000, the support at $11,500 prevented it from going down any further.
$12,000 is a Strong Resistance
On Friday, analysts were very bullish as the price was going up but it did not become successful in breaking above $12,000. The level $12,000 is a strong resistance level which proved its existence in the last few weeks and also in in the past years.
For bullish breakout, it is crucial to surpass $12,000 then we can see the next stop at $15,000. A cryptocurrency trader @CryptoHornHairs believes that as long as Bitcoin remains above $11,500, there are strong chances of the bullish season in the future. He further claims that the price will reach $12,000 soon.
“$BTC. Nice S/R flip at a confluent level yesterday. 1H MS broke to the upside. Want to see $11.6k hold and then price move up to chip away at the 4H supply again. Still bullish. #Bitcoin.”
Also read:According to him, it could pull back to $11,600 before going to $12,000 and the target will meet soon.
Many prominent figures considered a Bitcoin unique and potential asset out of all traditional assets. As the Fed printer is on and stimulus checks are on the way, Bitcoin will give a safe-haven position to the investors.
Bitcoin is Different
Real Vision CEO Raoul Pal said in an interview,” In fact, only one asset has offset the growth of the G4 balance sheet. Its not stocks, not bonds, not commodities, not credit, not precious metals, not miners. Only one asset massively outperformed over almost any time horizon: Yup, Bitcoin.”
“My conviction levels in bitcoin rise every day. Im already irresponsibly long. I am now thinking it may not be even worth owning any other asset as a long-term asset allocation, but that’s a story for another day (I’m still thinking through this),” he added.
Altcoins have also witnessed bullish rallies in the past 24-hours. The bullish sentiments in altcoins markets could also strengthen the Bitcoin position.
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