The analysis by Yashua Gola highlighted some key points showing that the $ 12,000 level for Bitcoin could soon conquer. In addition to many technical indicators that could start a new rise for Bitcoin, reasons such as Jack Dorsey’s company, Square, investing in Bitcoin, could also benefit the leading coin.
Technical Factors Supporting the Bitcoin Rise
- Blockroots.com founder Josh Rager said in a statement that the Bitcoin price could rise to $ 12,000 this weekend.
- Focusing on the medium-term technical indicators of Rager Bitcoin, it is possible that the fractal, which was tracked by the Bitcoin jump last week, will be repeated this week.
- According to Rager; He stated that, taking into account its weekly closing values, Bitcoin could meet $ 12,000 next weekend.
- Although TradingView analyst Vince Prince, who previously made accurate predictions about Bitcoin, supports the view that Bitcoin will rise; In line with the Ascending Channel formation, he warned that BTC would be mixed with serious resistance.
- Vince Prince said that Bitcoin could get stronger if it used this model as a support.
In such a case, the price may rise above the channel resistance and may even exceed $ 12,000.
Non-Technical Reasons That Could Trigger Bitcoin Boost
- The belief that the US congress, which is hoped to conclude the second stimulus package, could make a decision, also gave a positive impetus to the BTC price.
- Most economists argue that there will not be a stimulus package until at least the elections on November 3. This increasing uncertainty could put a short-term barrier to the rise of the bitcoin price.
- But the conclusion of the expected stimulus package could be one reason that pushed Bitcoin into a tight bullish rally, just like the first stimulus package.
- Bitcoin also soared after the Square company bought $ 50 million worth of BTC, headed by Twitter CEO Jack Dorsey.
- This move commented as “There are more big players who have expressed their trust in Bitcoin” and for now, it has had a positive effect on the prices.
- Ian Lee, a crypto-focused entrepreneur, said that the community owned by American companies has invested $ 25 trillion in assets; He talked about the impact of these companies buying Bitcoin after MicroStrategy and Square.
- Ian underlined that with the allocation of 0.1% of their portfolios to Bitcoin, there will be an entry of approximately $ 25 billion into BTC.