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bitcoin bull trend line
Nexo

Taking Out $12K Leaves “Clear Skies” For Bitcoin To Set New 2020 High

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
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Bitcoin price is currently down nearly $400 from yesterday’s highs in a flash, after coming close once again to the $12,000 resistance level. According to a crypto analyst referencing on-chain analytics, once $12,000 is broken through cleanly by bulls, there’s “clear skies” above that until $16,500 – which they claim is just a minor “speed bump.”

Technical analysis also demonstrates just how critical $12,000 has been to Bitcoin and its ongoing bear market, and why it may remain the key to fully unlocking the power of the next bull run.

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On-Chain Volume Analysis Shows “Clear Skies” For Bitcoin Above $12,000

At this point, $10,000 feels like an afterthought, and now the leading cryptocurrency by market cap faces $12,000 as the de facto resistance level to break.

$12,400 is the current 2020 high, but after Bitcoin has now spent its longest stretch above $10,000 in its history, and fundamental health improves by the day, it is only a matter of time until $12,000 is taken out as well.

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Bitcoin On-Chain Analysis Shows $12,000 Significance | Source: Byzantine General Via Twitter

When that happens, according to a top crypto analyst sharing an on-chain volume profile analysis, it is “clear skies” for Bitcoin. Aside from a small “speed bump” at $16,500, new all-time highs and a return to price discovery could be next.

RELATED READING | HOLD OR HOARD: DATA SHOWS STAGGERING AMOUNT OF BITCOIN SUPPLY HASN’T MOVED IN SEVERAL YEARS

But it all depends on this key level, which is clearly the most dominant level left on the on-chain volume analysis profile shared by the analyst. The current cluster is what is keeping Bitcoin trading sideways, and the only other comparable volume clusters lie below at $3,200 or lower.

Technicals Highlight How Critical $12K Is To The Cryptocurrency’s Bull Breakout

$12,000 is also the technical level to beat, matching the on-chain volume profile analysis above. Bitcoin only traded two weeks of 2018 above $12,000, then has never closed a weekly candle above that level, not even in 2020.

bitcoin btcusd 12000

BTCUSD Weekly $12,000 Resistance Level Technical Analysis | Source: TradingView

When that does happen, the next logical target is a retest of the 2019 high at $13,800, and beyond that, is the “speed bump” on-chain analysis shows that could cause a short-lived pause in any uptrend.

RELATED READING | THIS UNUSUAL BITCOIN ADOPTION METRIC SETS NEW ATH

$12,000 is the line separating Bitcoin from a bear or bull market. Beyond that level, however, as the trader says, its clear skies for the crypto asset, and likely new all-time highs set each new passing month until the next peak is in.

Featured image from Deposit Photos, Charts from TradingView
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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