Bitcoin (BTC) is the apex cryptocurrency. It can be said beyond the shadow of a doubt that Bitcoins drive the market trends. Hence, it is interesting to notice the movement of BTC, which can foreshadow the growth of other cryptocurrencies. Bitcoin prices have been witnessing a major surge in price over the past couple of days - and this growth rally is expected to continue for another 24 to 48 hours.
Bitcoin, which surged past the $8000, $9000, $10,000 and $11,000 marks over the past three days - is now heading towards the $12,000 mark. It is being expected that it is at $13,000 Bitcoin price will meet with a strong resistance. A market correction is likely to follow and prices may drop by $1,500-$2,000.
Over the past 24 hours, Bitcoin price surged from $10,479 to $11,330. If you look at the larger picture, over the past week, Bitcoin price soared high - starting the week at $8,333 and closing at $11,330. Even the market cap has risen - beginning the week at $139 Billion and rising all the way to $190 Billion as of this writing.
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Expected movement of Bitcoin price | Image; Tradingview[/caption]
The most critical aspect that Bitcoin enthusiasts should look forward to is the formation of a line of support. Once a strong support builds at the $10,000-$12,000 levels - it is only then that the $13,000 resistance can be breached. For the bullish investors, the current 'bull-flag target' is that of the $12,200 mark. From there to $13,000 - there are likely to be a number of unstable movements.
However, if over the next week, Bitcoin prices do manage to surpass the $13,000 mark - expect an even stronger growth which may even take the price as high as $15,000 where another major resistance awaits. However, for now - the need of the hours is building a strong support.
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: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions - which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.