August 17, 2020
Bitcoin has struggled vastly at the $12,000 resistance in the past two weeks. At four separate occasions over this timetable, the leading cryptocurrency has been cleanly prohibited at $12,000. Often, the refusal took place at that level precisely, down to a few dollars.
Though some analysts don’t assign much importance to that price level, one says that $12,000 is factual “the last great resistance”.
When bitcoin finally breaks that level, analysts say that it will be set to move towards $13,000, $14,000, and higher.
Opportunely for Bitcoin bulls, several market catalysts suggest consumers will soon regain the level.
Why does Bitcoin need to break past $12,000?
$12,000 is Bitcoin’s last significant on-chain opposition, according to data shared by David Puell, Head of Research at the now-closed Adaptive Capital.
Puell shared the chart seen below last August 16th, which recommends that $12,000 is vital because it is the point at which buyers of the 2019 highs will reach breakeven:
“CIH is the delta between two volume profiles (in this case from 2018 onward): bitcoins unmoved (assumed as hodling) and bitcoins moved (assumed as distribution). Three levels of major buyouts are noticeble—two remain as major demand zones; one as a last major resistance.”
The researcher later shared data presenting the holding habits of BTC whales. Puell says that these whales will also breakeven in the $12,000 region, providing the level even more important than it already has.
Analysts say Growth Past $12,000 Is Imminent
There are signs that Bitcoin will momentarily see progress past $12,000.
Earlier this month, Mike Novogratz of Galaxy Digital stated that Bitcoin could reach $14,000 in the coming months. He added that BTC reaching $20,000 this year is entirely feasible. Novogratz quoted the massive amount of money printing and the arrival of interest in Bitcoin versus customary asset classes:
The others that contribute to the concept that Bitcoin will see further growth from here contain multiple accurate technical analysts and Novogratz’s contemporaries.