Bitcoin (BTC) is eyeing fresh gains after a 30% correction from one-year highs. The crypto elicited some selling pressure after a spike to the $13,800 level. A pullback from its one-year highs initially raised concerns as to whether the flagship crypto would continue gaining.
Bitcoin Price Analysis
A plunge below the $10,000 level appears to have triggered some buying pressure because Bitcoin has once again started surging, consequently taking out the $12,000 mark, be it for a brief moment. A bounce back to the $12,000 level could as well signal that bulls are still in control, despite the recent steep pullback.
Bitcoin needs to rally and stabilize above the $12,000 mark, to bring to an end to the correctional phase and set the stage for further upside action. According to crypto observers, the $14,000 level is unlikely to be a stiff resistance level that will curtail further upside action. Crypto analysts remain confident of BTC making a run for its all-time highs of $20,000.
Strengthening fundamentals are some of the catalysts likely to continue fuelling further upside action, after a solid start to 2019. An influx of institutional investors, as well as mainstream companies into the burgeoning sector, are some of the factors strengthening Bitcoin upside action. JPMorgan and Facebook unveiling two new cryptocurrencies all but add a layer of credibility to the nascent sector.
“Reasons why bullish BTC despite the blow-off top: 1. Big buyers out there 2. Retail not yet participating 3. Institutional on-ramps about to come online 4. Macro narratives catching on 5. Real LT positive macro backdrop 6. Miners hoarding on the way up 7. Halving countdown,” said Alex Kruger.
Joseph Rager, a cryptoanalyst, believes that underlying fundamentals are solid enough to trigger a 153% run in the near future, consequently pushing Bitcoin price past the $24,000 mark. How Bitcoin performs in the next few months is likely to have a ripple effect on the broader cryptocurrency sector.
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