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Bitcoin Bounces Above $12,000: Is A Crypto Asset Getting Ready For “To The Moon”?

Bitcoin continues to warm up the attention of traders to itself, who are racing to predict the dynamics of the price movement of a crypto asset and are betting on its parabolic growth. How high can Bitcoin soar in August, and will the bears stop it?

Bulls are determined to win

Bitcoin has shown steady growth over the past two weekly trading sessions. Today, August 10, Bitcoin left behind the $11,800 resistance level and reached a local high above $12,000. Leading cryptanalysts convinces that this price level is the point for the start of an extreme rise in the price of the flagship cryptocurrency.

The optimism of traders regarding the further uptrend supported by the technical charts of the BTC/USD pair. In particular, trader Rakesh Upadhyam reported that a pattern has formed on the chart, which signals the preparation of the Bitcoin price exit to the next level of $12,300 and above. He is convinced that if this week closes at a new price high, Bitcoin will enter a phase of explosive growth.

Upadhyay noted:

“The pennant has formed on the chart, which signals the growth of Bitcoin in the long term. If the bulls continue to move at the same pace, there is a strong possibility that Bitcoin will break the $14,756 level. Bitcoin can now hold the $12,304 and not roll back anytime soon. “

Traders also note that Bitcoin’s extreme rally could result in a serious price reversal downward to correct the support level in the price region of $ 11,000 and above. Nevertheless, many experts believe that before the end of 2020, Bitcoin may renew its price maximum several times and reach a psychological barrier of 15 thousand dollars and above.

How have altcoins reacted to Bitcoin’s takeoff?

Against the background of the rise in the price of Bitcoin above $12,000, the altcoin market entered a phase of short-term price correction. Despite its recent boom, LINK was unable to maintain its position and was down 10%. The bears also had an impact on BAND, as a result of which the token fell in price by 31.34%. Cardano (ADA) proved to be more resilient but still experienced a 2.39% price decline.

But not all altcoins have reacted by lowering the price of Bitcoin’s bullish rally. In particular, Ethereum continues to move confidently in an upward trend: given the current technical indicators, traders expect the price of ETH to rise to $400 and above.