Tracking Bitcoin’s price recovery from its lows of $3,600 on March 12th to recent highs of just over $10k reveals an interesting journey for the king crypto. On June 2nd, Bitcoin crashed back down to $9,500 after approximately 14 hours above $10K.
The sudden move appears to have been for the same reason it rose in the first place: whales traded big against the prevailing futures positions, triggering a squeeze.
Currently, the ongoing consolidation of BTC price around the $9,500 level has led some analysts to make a compelling case for a breakout above $10,500 in the near term, which is projected to kick-start a new bull market.
What Has Been Moving BTC Prices?
At the time of writing, the BTC price is at $9,810, following numerous attempts at breaking out above the psychological level of $10,000. So what is moving the prices of the number one crypto?
For the past few weeks, the US stock markets have been thriving as confidence for an imminent economic rebound grows. Case in point, the tech-heavy Nasdaq hit new lifetime highs, which shows the bullish sentiment among investors.
All these factors show that institutional money is increasingly flowing into BTC and moving the price. In the coming weeks, as more funds enter this market, a sharp BTC move to the upside could take place.
The report also reveals that recent events, particularly the outbreak of COVID-19, have fast-tracked BTC’s progress as widely used currency, proving its value as a safe-haven asset amid deteriorating global stocks and rising inflation.
Moreover, many in the crypto community have predicted that the reduction in supply from the recent 3rd halving will begin taking effect soon and move BTC prices upwards.
Analysts Are Predicting BTC Price to Hit $12,000
Over the past week or so, Bitcoin price has been stuck within a tight resistance range following numerous attempts of breaking out above $10,000
And now, some technical analysts in the crypto sphere believe that Bitcoin is ready to break out of this cycle, starting a new bullish trend.
A trader is known as Benjamin Blunts who predicted the $3,150 bottom of Bitcoin in 2018 commented via twitter:
“When BTC finally does break out of this range, it’s going to be explosive. I’d say $11k within three weeks and possibly $12k within a month.”
Prominent BTC options trader Theta Seek shared a similar sentiment, suggesting that BTC is unlikely to stay in the $9,000s for a long time.
That said, most short-term bullish projections of BTC are hinged on the assumption that the Bitcoin price surges above $10,500 and breaks out of its existing trend.