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After an 11% drop last week, Bitcoin (BTC) started to mount an extremely strong recovery on Sunday and Monday.
Just earlier today, the the BTC price reached a local high of $9,150, trading 5% higher on the day.
Per Raoul Pal, a former Goldman Sachs executive, this move has allowed the Bitcoin price to break out of “an inverse head and shoulders formation (with a very weak right shoulder, which makes it often more powerful.”
This move has also notably brought Bitcoin above the key 200-day simple moving average.
While the price has yet to close above this key technical level, sitting around $9,000, this specific moving average has long been seen as analysts as an indicator of an asset’s long-term directionality.
With these bullish factors in mind, where do analysts say the leading cryptocurrency can go next?
Unsurprisingly, this latest boost higher has analysts convinced that the market is ready to see even more gains.
Eerily accurate trader Filb Filb in a recent edition of his Decentrader newsletter wrote:
“Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach to at least $12,500 level before the halving.”
As to why $12,500 makes sense, he noted that that is the “top target” for a bullish inverse head and shoulders chart that is forming on a medium-term basis for Bitcoin.
BITCOIN VS CORONAVIRUS: IS BTC TRADING LIKE STOCKS OR GOLD?
Bitcoin markets have reacted with increased volatility to the news of the spreading coronavirus in China.
The last few days may reveal patterns about BTC trading in relation to risk.
BITCOIN SHOWS NEW TRADING PATTERNS ON RISK EVENTS
BTC (Bitcoin) showed behavior that may reveal new patterns of trading in relation to stocks.
The coronavirus epidemic and subsequent lockdowns in China, coinciding with the Chinese New Year celebrations, caused a slump in Chinese and international stocks.
But Bitcoin prices showed a different pattern in relation to the movements of stocks, with waves of activity both coinciding with the overall slide in assets, but also rallies that suggest BTC is also a risk-averse asset.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.