Bitcoin Could Soon Undergo a Massive Upside Movement Because of These Factors

Bitcoin’s firm 2020 uptrend has extended today, as the cryptocurrency has been able to post a notable climb from its recent lows of $8,200 that were set earlier this week when the cryptocurrency’s sellers made an attempt to push the cryptocurrency significantly lower.

In the near-term, analysts are noting that the cryptocurrency’s ongoing attempt to break back above $9,000 signals that bulls have some underlying strength, and analysts are now widely targeting a significant upside movement.

As for how high the ongoing rally could extend, one prominent analyst is noting that it is possible that it moves towards $11,700 before slowing down.

Bitcoin Rallies Towards $9,000, and The Move May Not Be Over Yet

At the time of writing, Bitcoin is trading up nearly 4% at its current price of $8,900, and it is trading down marginally from daily highs of $9,000 that were set this afternoon when bulls attempted to break this support level.

In the near-term, the two key resistance…