Bitcoin Prepares to Rally to $12,000 as Price Forms Historically Bullish Pattern

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[NEWS BLOG]: Bitcoin Prepares to Rally to $12,000 as Price Forms Historically Bullish Pattern

After attempting to break decisively past $10,000 for the second time in a week, Bitcoin was rejected, plunging as low as $9,200 for the umpteenth time in a matter of days.

The tepid price action has made some investors cautious that more downside for the flagship cryptocurrency is possible, citing the loss of the key $9,500 support.

Prominent analysts, however, have begun to spot silver linings in Bitcoin’s chart that are suggestive of a reversal to the upside, not an extension to the downside as some analysts have come to expect. 

"Bitcoin Readies for Next Leg Higher"

Bitcoin seemingly moves without rhyme or reason, but the cryptocurrency, just like any other asset, has patterns, has rhythms, that may lend insight into future price trends.

Mohit Sorout — a partner at crypto hedge fund Bitazu Capital — shared once such pattern when he published the chart below, indicating that Bitcoin “loves to paint” this price action.

According to Sorout, Bitcoin followed this exact schematic twice last year, once prior to rallying from $5,000 to $7,000, and another time before rallying from $8,000 to the $14,000 yearly highs.

Considering Bitcoin’s price action over the past few days matches the left side of the schematic perfectly, a near-term rally towards ~$11,500 has been made that much more likely, Sorout’s chart indicated.

"Not the Only Positive Sign"

Sorout’s schematic isn’t the only sign suggesting that Bitcoin will soon make a run past $10,000 to new all-time highs.

The same trader that predicted Bitcoin would bottom at $3,200 six months before it did argued this week that BTC’s chart implies an imminent upswing towards the $12,000 region.

In reference to the chart below, the analyst remarked that “Bitcoin [recently] smashed past” a key technical resistance while the cryptocurrency has held crucial technical levels. This led him to the conclusion that a move towards $11,500 in July is possible.


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Related Reading: Don’t Withdraw Bitcoin From Binance to Privacy Wallets, User Warns

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Bitcoin Prepares to Rally to $12,000 as Price Forms Historically Bullish Pattern

After attempting to break decisively past $10,000 for the second time in a week, Bitcoin was rejected, plunging as low as $9,200 for the umpteenth time in a matter of days.

The tepid price action has made some investors cautious that more downside for the flagship cryptocurrency is possible, citing the loss of the key $9,500 support.

Prominent analysts, however, have begun to spot silver linings in Bitcoin’s chart that are suggestive of a reversal to the upside, not an extension to the downside as some analysts have come to expect. 

"Bitcoin Readies for Next Leg Higher"

Bitcoin seemingly moves without rhyme - read more.

Billionaire Investor Henry Kravis Makes First Crypto Investment

Billionaire investor and philanthropist Henry Kravis is dipping his toe into the world of crypto assets.

According to a piece by Bloomberg on Friday, Kravis – who is co-founder of global investment firm KKR & Co. – is said to have invested in a cryptocurrency fund offered by ParaFi Capital.

The news comes via ParaFi founder and CIO Ben Forman, a former KKR employee who left to form the San Francisco-based digital asset startup. Bloomberg said a spokeswoman for Kravis has declined to comment on the investment.

Forman describes ParaFi Capital as an “investment firm focused on the blockchain ecosystem” - read more.

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