Currently trading at $11,771, analysts have predicted that Bitcoin price could surge to $13,000 once it breaks critical resistance level at $12,000.
The king of crypto, as Bitcoin is often called after consolidating at $11,000, continued to fluctuate and trade at that level in the last week. Analysts conclude that except traders step up activity and shatter the resistance, the coin would surmount at $12,000 and dip in value.
However, it is predicted that Bitcoin price could hike to $13,000 if it can break resistance at $12,000, which has been difficult for the digital asset since it hit $11,000. The price seems struck beneath $12,000.
Bitcoin, since it broke into the $10,000 level, has gathered momentum surging incredibly from $9,000 to the level it is currently. Reportedly, its consolidation phase is an indication that are not putting enough pressure to break the resistance at $12,000.
At the same time, it could mean that buyers are beginning to lose momentum. However, the crypto trades at a critical level that could enable it hike to $13,000
Pointers to Bitcoin weakening price
At press time, BTC trades at $11,794, a less than one percent surge. It has been trading at this level in the last seven days.
Analysts predict that buyers, however, have to defend $10,500 level that was a resistance level previously for a very long time as if Bitcoin price falls below that level, the crypto price could weaken.
Currently, Bitcoin price looks strong as there appears not to be any factor that could trigger a sharp downtrend.
Teddy Cleps predicts Bitcoin price sudden surge
Amidst the stalling Bitcoin price, the crypto is only a step away from another massive bull run.
Teddy Cleps, a crypto analyst, said on Twitter that a close above $11,800 and $12,000 might be all that’s required for Bitcoin to hit $13,000.
— Teddy (@TeddyCleps) August 7, 2020