Bitcoin Surges to Hit $11,900 After Multi-Day Lull: What’s Next?

Bloody Monday? I think not. In the past hour, Bitcoin (BTC) has spiked, gaining almost 3% within a few minutes’ time. As of the time of writing this, the cryptocurrency sits at $11,900, the highest the asset has traded at in a number of days.
Related Reading: New ECB Boss is “Extremely” Pro-Crypto; What Could This Mean for Bitcoin?
This strong surge upwards, which didn’t occur prior to the close of the weekly candle and CME weekend open as Bitcoin has done, comes after days of lower highs and higher lows, suggesting that this small yet important spike is a breakout. Take a look at the chart below for a better look.

China’s State Outlet Xinhua Exposes Millions to Bitcoin
Monday November 11, 2019

China doesn’t seem to want the Bitcoin and blockchain gravy down to slow down any time soon. On Sunday afternoon (PST), reports arose on Twitter that Chinese state media had begun to talk up...

The post China’s State Outlet Xinhua Exposes Millions to Bitcoin appeared first on 12bitplay - Bitcoin Play.

What’s Next for Bitcoin? 
So, what exactly is next?
Well, according to analysts, a bullish confirmation would be Bitcoin closing a key short-term candle, like the four-hour or 12-hour, above the $11,700 range.
As reported by NewsBTC previously, Dave The Wave believes that if BTC closes above $11,600 on the daily, the asset could continue its parabolic rise. Such a move would mark the cryptocurrency breaking past a declining trend line that has acted as resistance since last month’s blow-off top at $13,800.
Should the parabolic rise continue, Bitcoin could hit $14,000 by the middle of July, which is just over a mere week away.
Considering that this surge took place within a matter of a few minutes, implying manipulation by whales, this market could retrace these gains. Thus, investors may need to stay on their toes for the time being.
Indeed, other analysts, including Tone Vays, suggest that considering that Bitcoin has yet to break above $12,000, it isn’t 100% bullish. This is for good reason: $12,000 has acted as a minor resistance level over the past few weeks.
Some have been a bit more optimistic, however. Analyst Benjamin Blunts, who famously called that Bitcoin would bottom around $3,500 in mid-2018, explains that this breakout will lead to BTC flirting with its year-to-date highs in the mid-$13,000s. That would represent a 13% growth from current levels.
Interestingly, after said rise, Benjamin is expecting a large drawdown to $9,000, which some suggest would be price action they would like to see prior to a surge to fresh all-time highs.

Ethereum Price Has Potential to Surge Higher as Bitcoin Slows: Analysis
Sunday November 10, 2019

All eyes may be on Bitcoin (BTC), but an analyst is suggesting that it may be time to pay Ethereum (ETH) some heed. The second-largest cryptocurrency has struggled alongside BTC as of late, falling...

The post Ethereum Price Has Potential to Surge Higher as Bitcoin Slows: Analysis appeared first on 12bitplay - Bitcoin Play.

the chop is real here, max pain for bears and bulls would be a breakout into a double top.
in all seriousness, btc probably follows eth here and breaks up first pic.twitter.com/wFQYGWK3Cz
— BenjaminBlunts (@SmartContracter) July 7, 2019

Stellar Poised For 50% Surge Against Bitcoin Following Supply Burn Spike
Monday November 11, 2019

The altcoin known as Stellar (XLM) has been among the top ten list of crypto assets by market cap for some time, but has been among the least hyped of the bunch since the...

The post Stellar Poised For 50% Surge Against Bitcoin Following Supply Burn Spike appeared first on 12bitplay - Bitcoin Play.

Crypto’s Fundamentals Still Strong
While opinions on Bitcoin’s expected short-term price action vary, it is important to note that the cryptocurrency industry has continued to see its fundamental value proposition grow.
Out of an array of positive fundamental developments, what countless cryptocurrency proponents are focusing on is fiscal policy.
As reported by NewsBTC, the Federal Reserve recently revealed that it is leaning to cut rates again.
This, according to Travis Kling, is “brazenly bullish for a non-sovereign, hardcapped supply, global, immutable, decentralized digital store of value.” And by that, he obviously means Bitcoin. Because, such a stimulating policy is likely to force investors to look for safe havens due to chances of greater inflation.
Featured Image from Shutterstock. Chart Courtesy of Tradingview.com
The post Bitcoin Surges to Hit $11,900 After Multi-Day Lull: What’s Next? appeared first on NewsBTC.

You may also like...