Bitcoin in recovery: what will happen in the next few days?

By Mickael Pasquier | Mickael Pasquier | 12 Aug 2020

Bitcoin (BTC) fell yesterday and hit lows close to $ 11,100 . However, the cryptocurrency held out and managed to trade above $ 11,300 for most of the day. While the bearish move undermined illusions of an imminent jump to 12K, analysts are still bullish for the short (and long) term.

The next level of consolidation in view of a future considerable jump would be around $ 11,800 . Going back above that range and establishing new support would give the market the confidence for a new rally above $ 12,350, which experts suggest may come over the weekend.

While the short-term scenario is getting all the attention of an effervescent market today following BTC's recent and long-awaited jump above $ 10,000, some investors and market commentators have an even more attractive long-term outlook .

The CEO of Real Vision, Raoul Pal, assured in the last hours that the fundamentals to support the good omens of the cryptocurrency are "extremely strong . "

My conviction levels in bitcoin are increasing every day, " Pal said. She added: "Now I'm thinking that it may not even be worth owning any other asset as a long-term asset allocation."

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Mickael Pasquier
Mickael Pasquier

Interested in the field of cryptocurrency and blockchain

Mickael Pasquier
Mickael Pasquier

Only Crypto

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