RATE Group | Here’s how bitcoin gets to $12,000
79305
post-template-default,single,single-post,postid-79305,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Here’s how bitcoin gets to $12,000

13 Feb Here’s how bitcoin gets to $12,000

Posted at 13:41h in Bitcoin News by

[ad_1]

The bitcoin boom is back on.

The cryptocurrency has risen 46% this year, pulling back above $10,000 this week for the first time since September.

The rally is far from over, according to MKM Partners chief market technician JC O’Hara.

“When we look at cryptos as a whole, they tend to trade in two distinct phases. The first being dormant consolidation, which is followed by phase two, which is a high-momentum phase,” O’Hara told CNBC’s “Trading Nation” on Wednesday. “And when you look at bitcoin we’re starting to see signs that the dormant consolidation from the second half of last year is slowly starting to change in terms of positive bullish momentum here.”

Bitcoin reached a near-term bottom in December and has been on a steady rise since then.

“We broke out of the downward sloping trend channel. We’re breaking above the $10,000 psychological level, and we’re of the opinion that positive momentum will continue to follow positive momentum. So that’s why we think in the short term we…

[ad_2]

Source link

Tags:
, ,