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Bitcoin price hits $12K again — 3 reasons traders are mid-term bullish

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INDIA

Sep, 21 2020

Sep, 21 2020

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Bitcoin price hit $12,000 again, leading traders to turn bullish as BTC attempts to turn the critical level to support. The price of Bitcoin (BTC) has hit $12,000 again. Many traders are becoming more optimistic that the digital asset will hold the critical level this time. In 2020, BTC has topped the $12,000 level four times (all since Aug. 2). But flipping the crucial resistance level to support has been a considerable challenge. There are three factors leading traders to become more bullish on Bitcoin in the short to medium term. These are the potential catalysts that are declining the U.S. dollar, the strength of the $10,000 support, and Ethereum’s (ETH) strong upsurge.


 Many factors support the uptrend of Bitcoin

 Several analysts interpret a declining dollar as a positive for Bitcoin. This is because the dollar prices alternative stores of value. Recently, the dollar has fallen substantially against other reserve currencies. Bitcoin and gold have recorded steep rallies since April. Even Warren Buffet made a shock investment in Barrick Gold Corp.

 It is being said that the healthy $10,000 support level of Bitcoin raises the chances of a more massive rally. This is the most prolonged period Bitcoin has been over $10,000 since the all-time high rally in 2017.

 

An alternative scenario

 Some other scenarios for Bitcoin in the short term is a period of sideways consolidation. It is like those seen in previous years. Usually, BTC remains stagnant throughout September to early November and has done so since 2016. Analyzing that historical pattern, there is a possibility that BTC ranges between $10,000 and $14,000. A phase of consolidation above the $10,000 support would be ideal for Bitcoin. This would strengthen its basis for the next rally. 

 

An encouraging outcome would involve BTC flipping the $12,000–$12,400 range to support then consolidating above $12,000. This would prepare the digital asset for a strong move to $13,000 to $14,000.


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