Bitcoin Price Could Hit $12K or Even $16K After Recent Surge

Bitcoin Price Could Hit $12K or Even $16K After Recent Surge

Are happy days here again? Recent surges saw the bitcoin price top $11,000 USD, rewarding anyone who bought into BTC in the second half of 2018 or later. This week’s technical analysis report says optimism may be kicking in again at last — but external factors are always there influencing the math. Read on to find out more.

Also read: Bitcoin Price Now Pressing $9K Resistance, Tries to Leave Lateral Market Behind

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Bitcoin Price Technical Analysis

Long-Term Analysis

bitcoin price chart 23 June 2019 long-term

The bitcoin price now faces the $12,000 level, after leaving behind a sideways lateral movement between $9,000 and $7,000 level. The new support level can be estimated near $9,500 while, due to increasing Bullish Consensus, our next target for the current upward movement can be expected at $16,000 — as happened previously in January 2018.

Mass Psychology Analysis confirms an Optimism phase took Hope’s place among operators and, depending on external factors (if quotes keep the action over $10,000) volatility could provide a wide frame for high and low quoting action, also similar to that seen a year ago.

Mid-Term Analysis

bitcoin price chart 23 June 2019 mid-term

Mathematical Indicators are still backing the upward movement for the near-term, unless some external factor harms the general animus and projects the bullish trend to $12,000. The former $9,000 resistance, which was surpassed by quotes, works as a support, allowing intermediate bouncing levels between $9,800 and $10,000.

If values overcome the $12,000 mark too, it could became a new support as it makes its way up, and the next resistance level to consider should be $16,000.

Short-Term Analysis

bitcoin price chart 23 June 2019 short-term

Japanese Candlestick Analysis renews the advantage to demand’s Soldiers structure over offer’s Crows disorder, and the current battlefield can be expected somewhere between the $10,000 and $12,000 level.

Following Bollinger Bands Analysis, the next stage for the bitcoin price could repeat patterns from April and May 2019, sustaining newly-conquered levels after a rising from a briefly lateral market. If we consider Round Numbers Theory, Fibonacci retracement levels for the recent climb can be calculated at $9,500, $9,000 and $8,500.

What do you think will happen to the bitcoin price? Share your predictions in the comments below.

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