Bitcoin cryptocurrency (BTC) rate broke the resistance barrier at $ 11,600 and consolidated above this mark. The upward movement is gaining momentum, so the coin should rise to $ 12,500 by September 8th.
On Monday, the Bitcoin rate broke through the resistance at $ 11,500 and reached $ 11,784 (Bitstamp data). On Tuesday, the asset’s price corrected to $ 11,533 and then began to rise again. Buyers overcame the barriers of $ 11,650, $ 11,800, and aimed at the next obstacle – $ 12,000. If the bulls manage to reach this height, the value of the coin will rise to $ 12,500.
Now BTC/USD is above the 50% Fib recorded during the dump from $ 11,784 to $ 11,553. Moreover, an uptrend line has formed on the chart. Over the past day, Ethereum (ETH) has gained almost 7% in price, while BTC has only 1.60%. At the same time, the contracting triangle was broken upward. Considering all these factors, the Bitcoin exchange rate should exceed $ 12,000 and reach $ 12,500.
On August 31, the price of BTC remained above $ 11,500. According to analyst Josh Rager, this fact indicates the coming pump. Rager believes that the coin’s rate will rise to $ 13,880, the highest rate since 2018. CEO Civic Vinny Lingham made an even more optimistic forecast. He claims that the value of BTC will skyrocket to $ 15,000, then adjust to $ 14,000, after which a consolidation phase of several weeks will begin.
As a result of the bull run, which started in July, BTC rose in price by 28%, and the dynamics of the asset price change went beyond the bearish trend that arose in August 2019. The market revolution opens new horizons for the coin, and Lingham’s prediction may come true.
At the end of August, Fidelity Investments, which manages $ 8.3 trillion in assets, announced the opening of a new Bitcoin fund Wise Origin Bitcoin Index Fund I for institutional investors (with a minimum deposit of $ 100,000). The company’s employees assume that the fund will raise significant capital since 60% of the organization’s clients are interested in cryptocurrencies. In this case, the demand for BTC will increase, which in the long term will stimulate the growth of the asset value.
4 hours MACD is in the bullish trend zone.
4 hours RSI is above 60 (in the neutral zone).
Major Support Level – $ 11,500.
Major Resistance Level – $ 12,000.
The nearest pivot points are $ 11,551 and $ 12,271.