Bitcoin Will Hit $13,000 by Mid-April, Hedge Fund Manager Says

In the midst of bitcoin’s explosive surge that took its prices above $9,000 per token, Mohit Sorout of Bitazu Capital reiterated his $13,000 price target of the cryptocurrency.

The hedge fund manager tweeted a bitcoin chart that showed the cryptocurrency tailing the path of his bullish prediction from late February. He noted that bitcoin’s latest jump brought it above a combination of support levels, mainly the so-called ‘MSORO bands,’ confirmed a renewed buying sentiment among traders.

MSORO BANDS charts the sum of open long and short positions | Source: Mohit Sorout

Mr. Sorout’s $13,000 price target also flashed after bitcoin confirmed strong demand near its 50% Fibonacci retracement level (~$8,450). The cryptocurrency earlier this month rebounded from the said area, rising by up to 8.91 percent as of Thursday.

The blue bar reflects the 50% Fibonacci level | Source: Mohit Sorout

Its move upside brought a $10,000 price target back in view, leading Mr. Sorout to add that 50%…