Why a Growing Risk Appetite Could Send Bitcoin to $14,000

Bitcoin

After a prolonged period of trading in the lower-$9,000 region, Bitcoin bulls have finally stepped up and gained control of the cryptocurrency.

Yesterday, the benchmark digital asset saw a sharp upswing that allowed it to rally past the crucial resistance that it was facing within the $9,400 region.

In the prior week, BTC had made multiple failed attempts to break above this price region, with each rejection resulting in a swift movement back towards $9,100.

One fund manager is now noting that bulls appear to be hungry for more gains, with this growing appetite for risk potentially being enough to catalyze a near-term movement to $14,000.

Bitcoin Shows Signs of Strength Following Overnight Upswing

At the time of writing, Bitcoin is trading up marginally at its current price of $9,500.

Yesterday afternoon, buyers were able to push the cryptocurrency as high as $9,550 before it faced some selling pressure that slowed its ascent.

It is important to note that BTC has yet to confirm $9,500 as a support level, but it does appear that buyers are now attempting to complete a support-resistance flip as it hovers around this level.

Where it trends next could largely depend on whether it can continue holding above here.

If buyers falter and it dips lower, this would be a sign of underlying weakness.

BTC Could Soon Rally to $14,000, Claims Fund Manager 

One respected fund manager recently explained that he believes Bitcoin is poised to test $10,500 next, with a visit to this high time frame resistance being quickly followed by a surge up to $14,000.

He explained that a “growing risk appetite” amongst investors could be the impetus for this movement.

“I have been saying that risk appetite has been rising and it is just a matter of time before this bullishness spills over to BTC and ETH. I expect BTC to convincingly punch through $10.5K and head to $14K in a jiffy. The party has started.”

How Bitcoin continues reacting to this crucial level should provide investors with significant insights into its mid-term outlook.

Featured image from Unsplash.
Pricing data via TradingView.
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