Bitcoin Is Back To The Bullish Possitions Again: Can It Jump Up To $12,000 Mark?
Some cryptanalysts do not consider the current price fluctuation of Bitcoin as a reason for sharp statements about the weakening of the crypto asset and forecasts for a further decrease in its rate. The reason for their optimism was the jump Bitcoin to the level of $9,500 on June 16.
Well-known trader Michael van de Poppe believes that in this way Bitcoin again returned to the bulls-set scenario and shortly will nevertheless make a breakthrough above $10,000.
Macro forces affect Bitcoin price movement
Bitcoin is still showing a slight deviation from the support level of $9,500. On June 15, in 24 hours, the price of Bitcoin increased by $600 and reached a local peak of $9,570. But the flagship cryptocurrency could not hold on to this position and turn back to the level of $9,450.
Today, there is a correlation between the price movement of Bitcoin with the situation in the stock market. In particular, it was the sale of assets in the stock market that triggered the fall of Bitcoin below $9,000. But this is not the only reason why Bitcoin is as if in limbo.
The international community has actively begun to discuss the onset of the second wave of the pandemic because outbreaks of infection continue to occur in regions that supposedly already cope with the consequences of COVID-19. As a result, the US Federal Reserve once again announced the continuation of economic stimulus measures. The US does not hide the fact that this time they want to bet on bonds, and this can dramatically affect the situation in the stock market.
Bitcoin will fight again for $10,500
Analyst Michael van de Poppe is convinced that lowering the price of Bitcoin was a short-term action, and this will not affect the movement of the flagship in the price range above $10,000. Analyzing the situation, he identified which price positions Bitcoin should hold to stay in the gain. He noted:
“For Bitcoin, it’s important to keep bullish momentum. This will be possible if the crypto asset holds a position of $9,300 and does not fall below. Now Bitcoin has returned to its rhythm, and it is quite possible that after breaking the milestone of $10,500. the next step is to reach the level of 12,000 dollars. ”
But not all traders and cryptanalysts support the optimistic forecasts of Michael van de Poppe. In particular, one of the analysts is confident that Bitcoin should so far abandon the breakthrough of $10,000 since the crypto asset is not as strong as we would like. He believes that Bitcoin, on the contrary, should focus on supporting the current price level and will not go down to the fulcrum of $8,000.