- Bitcoin has bounced strongly after plunging as low as $11,100 on Tuesday.
- As of the time of this article’s writing, the leading cryptocurrency trades for $11,600 on leading exchanges. This is just under 5% above yesterday’s lows.
- An analyst that called that the cryptocurrency would bottom in the $11,100-11,200 region says that the asset is primed to move to $13,000.
- Other analysts think Bitcoin will do so.
- They note that since the cryptocurrency is holding above $11,500, it remains in a bullish medium-term state.
- Technically speaking, there is some resistance at $12,000 that BTC bulls may have trouble pushing past.
Bitcoin Could Hit $13,000: Analyst
On Tuesday, Bitcoin found itself embroiled in a steep decline triggered by a strong decline in the price of precious metals and in the stock market. The leading cryptocurrency fell 7% in the span of 24 hours, marking one of the largest losses since the flash crash of August 2nd.
When BTC was falling, few expected the asset to bounce. But one trader commented on Twitter and in his Telegram channel that the asset would likely bottom at $11,177. Bitcoin proceeded to do so, bouncing slightly below that level to the $11,600 where the asset trades now.
The same trader that made this prediction now says that Bitcoin is primed to move higher, citing market liquidity measures. Referencing the chart below, which shows where there are “liquidity pools,” the individual wrote:
“Lots of liquidity still above us. And the monthly support is still support. Short term I think 11900 is possible. But as you know, mid term I’m still aiming at 13k. Let’s see how much we can get.”
Chart of BTC's recent price action with liquidity chart by trader ByzantineGeneral. Chart from HyBlock.
The trader’s assertion comes after he noted that bears have little hope now that Bitcoin closed its weekly candle above $11,500.
He shared a chart showing how $11,500 has been a pivotal level for both bulls and bears over BTC’s storied history.
Chart of BTC's price action (short-term and long-term chart) by trader Byzantine General (@ByzGeneral on Twitter). Chart from TradingView.com
Not the Only One Expecting Such a Move
The aforementioned trader isn’t the only one expecting Bitcoin to move to $13,000.
Eric “Parabolic/King” Thies, a cryptocurrency analyst and indicator creator, recently shared the chart below as aforementioned by Bitcoinist. The chart indicates that there is little macro resistance until $13,300:
“$BTC 1M Chart. Current price $12,025. Resistances at $13.3k -> $14.5k -> $17.1k -> $19.5k. Bull run starts at new ATH… $20,000. Lets ride.”
Other analysts have agreed with this, with one quipping how “$13ks look ripe” after the Sunday/Monday rally towards $12,100 formed a higher high in the short-term.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Analyst Who Called Bitcoin's Tuesday Low Expects a Move to $13,000