In today’s reflection we will analyze whether the price of Bitcoin Future has once again crossed the $12,000 mark due to a speculative movement, or whether it can be directed to new horizons.
At the time of writing, the price of the BTC is trading around US$ 12,400, the highest value in 2020. The strongest resistance to be beaten is at US$ 13,800, the maximum noted in 2019.
In today’s reflection, we will analyze whether it is possible for Bitcoin to consolidate the key barrier of 12K and go for more.
Bitcoin Whales Can Tell Us What Will Happen to the BTC Rally
Bitcoin towards $15,000?
The objective of this post is not to make a technical analysis, far from it. Rather, to reflect on what Bitcoin has to offer in order to continue climbing.
The strong impression of money in the world’s major powers, including the United States, has led investors to look for safer assets to hold their money, and we are no longer talking only about gold and silver, but also about the cryptcoin sector, especially Bitcoin.
There is no doubt that Bitcoin has been functioning since the beginning of the Coronavirus pandemic as a valuable reserve asset. In March, when the COVID-19 crisis broke out, a BTC was trading at just $5,000.
Now, the big challenge for Bitcoin is to consolidate the 12K level, and then go for bigger challenges. In the graph below, you can see how the BTC has attempted to break the $12,000 on several occasions. Is this the defeat?
Bitcoin goes for more
In December 2017, the price of Bitcoin reached an all-time high of US$ 20,000, only to fall to nearly US$ 3,200 in 2019. That collapse scared many investors, especially those who bought close to its historical peak.
Now, we must not lose sight of Bitcoin’s true potential. Its market is getting bigger and bigger, entering previously unimaginable spheres, such as Wall Street.
In addition, its powerhouse technology, the Blockchain, is increasingly being used for various areas of industry.
There are many factors that can push the price of Bitcoin, at least up to US$ 15,000 before the end of the year, but this would be the 2 main points:
Bitcoin has become a valuable reserve asset, which gives it a very high potential. If gold recently scored a historic high, why won’t Bitcoin.
Bitcoin whales continue to accumulate Bitcoin, as we’ve been reporting since Crypt Trend.
I’ll say goodbye until tomorrow with this Napoleon Hill line:
“The man who does more than he is paid for, will soon earn more than he does.”