Bitcoin has surpassed the $12,000 resistance for the first time this October, and analysts are expecting further upside if this level is flipped to support and gets sustained.
While Bitcoin closed at $11,923 Tuesday, it did reach as high as $12,050 on that day and as of press time, the benchmark cryptocurrency printed a green candle now priced at $12,771, the highest price it has achieved since Sept. 2.
According to Simon Peters, an analyst at investment platform eToro, while Bitcoin looks poised to close above $12,000, traders should first observe if the price would remain above $12,000 for a longer period of time before declaring a bull run. “Then, investors should look to $14,000 as the next target,” he told Forbes.
This was echoed by other analysts, such as the trader who goes by the name of “Salsa Tekila” on Twitter, saying that they will be careful in trading within $12,000.
Read more: https://www.ibtimes.com/bitcoin-price-surpasses-12000-what-will-happen-next-3065828
