Bitcoin exceeded $12,000 today, after trading mostly between $11,000 and $12,000 for the last few … [+]
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Bitcoin prices rallied this morning, surpassing $12,000 and attaining their loftiest value since late last Summer.
The cryptocurrency reached $12,198.17 around 10 a.m. EDT, after spending the last few weeks fluctuating primarily between $11,000 and $12,000, CoinDesk figures show.
While bitcoin managed to rise above $12,000 today, we need more data before concluding that the digital currency successfully broke out of its prior range, said analysts.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
“Testing above the $12,000 psychological level is great but we need a confirmation above this level to strengthen our short-term bullish viewpoint,” said Kiana Danial, CEO of Invest Diva.
“A confirmation above $12,000 means if BTC/USD can open above this level the next day,” she added.
“If that doesn’t happen immediately, we could expect more fluctuations before Bitcoin reaches the next resistance level of $13,234.”
Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, also weighed in on the situation.
“Bitcoin needs to stay above $12k and consolidate in a manner where it tests the level for support a few times before we can conclude if the breakout is reliable,” he stated.
DiPasquale emphasized that “For now, the fact that the price has found decent support around $11k and has broken through $12k with good volumes bodes well for the market.”
Danial also provided a bullish outlook.
“Looking at the big picture,” she noted, “Bitcoin is slowly but surely completing the double bottom bullish reversal chart pattern that started in 2018 with the neckline resting at $13,234.”
“The completion of this pattern would indicate long-term gains towards $20,000,”
Should bitcoin reach this price, it would trade close to the all-time highs it reached in late 2017 and early 2018.
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.
