Bitcoin Price
Here’s Why Bitcoin Is Primed to Move Towards $13,000 in September
Nick Chong | Sep 01, 2020 | 01:00
- Bitcoin has pressed higher over the past three days.
- Since bottoming last week, the leading cryptocurrency has rallied to $11,750 as of this article’s writing.
- BTC is poised to close above $11,500 for its monthly close, boding well for the bull case.
- Bitcoin is primed to move even higher according to a number of analysts.
- Most remain convinced that a move towards $13,000 will take place in the near future.
- There is heavy resistance in the $13,000-14,000 region that could unlock more upside if turned into support.
Bitcoin Is Primed to Move Towards $13,000: Analysis
Bitcoin is primed to move towards $13,000 in September according to a recent analysis shared to TradingView by a trader.
The trader noted that there are five crucial fundamental trends suggesting that Bitcoin will make this move, which would mark an 11% rally from current levels: These are as follows:
- “Smart money” Bitcoin addresses are “now stable at a bullish level.”
- Both the hash rate and the mining difficulty have been moving higher, which suggests miners are bullish on BTC in the longer run.
- Market sentiment is now “neutral,” which means that the market is now in an overbought state.
- There is a potential short squeeze forming as funding rates remain low and a liquidity pool has formed above Bitcoin’s current price action.
- The Federal Reserve is poised to print more money, which should bring BTC higher over time: “To ease the COVID impacts, the Fed is using all means to boost the economy, which means a continued rise in inflation. This will fundamentally push up the value of gold, bringing up bitcoin along the way as the main value proposition of bitcoin remains store of value rather than remittance.”
The same trader then pointed to technicals, which also show that Bitcoin is likely primed to see another move higher in the near future.
Not the Only Analyst That Thinks So
He isn’t the only analyst thinking that Bitcoin will soon move towards $13,000.
Eric “Parabolic/King” Thies, a cryptocurrency analyst, noted earlier in August that Bitcoin is facing little macro resistance until $13,000 after it flipped $11,500 and $10,500:
“$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.”
Chart of BTC's macro price action with resistance analysis by Eric "Parabolic/King" Thies, a cryptocurrency analyst and indicator creator. Chart from TradingView.com
Other analysts are also eyeing $13,000 due to the lack of resistance on the macro price chart until that level.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Here's Why Bitcoin Is Primed to Move Towards $13,000 in September
