By Mickael Pasquier | Mickael Pasquier | 11 Aug 2020

Yesterday, Bitcoin (BTC) managed to break the $ 12,000 barrier again. This happened after the royal coin managed to close out the weekend at $ 11,651. As a result, the Bitcoin price reaches its highest weekly close since January 2018 and also the best weekly close since the bull run of 2017. For crypto analysts , the weekly close was an important moment and at the same time a bullish signal for the Bitcoin price.

Bitcoin exchange rate of $ 15,000 imminent

Futures trader Adam Mancini has even indicated that a rise towards $ 15,000 is imminent. He indicated that Bitcoin confirms that it is following the 'multi-year bullish triangle' achieved shortly after reaching $ 12K.

“Excellent rally in Bitcoin $ BTCUSD and over 2k since my post below. It forcibly broke out of a multi-year bullish triangle. Bitcoin may be the new kid, but the same old classic patterns that apply to all financial assets still apply. The trend has risen with 15k as the next target. ”

The $ 15K high would be an ideal position and one that would suit long-term holders who have been constantly calling for Bitcoin to hit new heights. If Bitcoin breaks above USD 15,000, Mancini indicates the next target is USD 24K, which will be a new all-time high.

The road to $ 13,000 is open

Well-known cryptocurrency analyst, CryptoMichael, indicated that if Bitcoin breaks $ 12,000 again, we will move towards $ 13,000. He said the following on Twitter:

“Smaller timetable explaining what just happened. In essence, we are back to the expanded game plan. Larger timeframe; still expects such a scenario. However, if we break $ 12K, I assume we'll see $ 13K. ”

Willy Woo, creator of the Woo Bull charts and Bitcoin supporter, said on Twitter:

“The Bitcoin 4 year bull / bear cycle is caused by a reduction in selling pressure that happens every 4 years due to the BTC halving. That impulse creates a resonance, like a splash of water, if you time it just right. The magic happens on impulse. ”

He also added the following graph:


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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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