Bitcoin $11,000 or $12,500 FIRST?! August 2020 Price Prediction & News Analysis
Bitcoin breaks the $ 10,000 mark, the rate is $ 12,500 or early?
Bitcoin made a powerful leap upward and approached year highs
Stabilization above $ 10,000 will create conditions for further growth
The Fear and Greed Index is warning signs
Rising demand for the first cryptocurrency helped prices break through critical resistance and gain a foothold above $ 10,000. If the breakout is confirmed, prices will quickly rush to the next target of $ 12,500.
In the US session on June 1, Bitcoin made a powerful bullish breakout and tested the $ 10,428 mark, coming close to 2020 highs. As of this writing, the coin is trading at $ 10,080 as part of a short-term correction.
Bitcoin bulls cheering
Bitcoin entered the green zone after breaking through the psychologically significant resistance of $ 10,000 and managed to gain a foothold above this mark. Apparently, the market has passed the very inflection point that we wrote about earlier. If the breakout is confirmed, the bullish trend will snowball and very soon we will see BTC / USD at $ 12,500.
This probability is indicated by the break-even model (In / Out of the Money Around Price (IOMAP) calculated by the analytical service IntoTheBlock. According to this model, the way up is almost clear, and for rapid growth only a small bullish momentum is needed.
On the other hand, a downtrend is likely to hit a series of solid barriers to absorb bearish pressure. The strongest support zone is located in the $ 9,270 and $ 9,580 areas. Over 1.2 million bitcoins on 1.6 million addresses were purchased at the price of this range.
However, it should be emphasized that for the bullish scenario to materialize, the digital currency must consolidate above the $ 10,000 mark. Otherwise, we will face a quick correction to the $ 9,600 support area, which served as resistance during the last week..
Bearish signals on the horizon
The hype begins in the cryptocurrency market. The price action of bitcoin influenced investor sentiment and sent the fear and greed index to its highest values since the beginning of May. A fundamental indicator that analyzes market sentiment in combination with price movement and social media data switched to the greedy zone and reached 56.
It was last found around these levels in early May, when bitcoin was also trying to break the $ 10,000 mark. Greed is generally seen as an overbought alarm..
What do you think, will BTC / USD return below $ 10,000 or continue to rise to $ 12,500?? Share your opinion with our community in the telegram channel
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