Analyst Josh Rager explained that there is no reason why the bitcoin price could not reach the $ 12,000 level given the weekly close. Bitcoin’s breaking of its weekly resistance and gaining a 5% increase is a harbinger of the upward momentum to be seen in BTC, according to the analyst.
The impact of $ 10 billion added to the crypto money markets and the increase seen in Bitcoin changed the outlook of the markets. Josh Rager and some analysts suggested that the Bitcoin price will rise, hinting that there is a strong buy signal in BTC.
Bitcoin Can Comfortably Reach $ 12 Thousand
The 5% gain seen in BTC saw a peak just below the $ 11,500 level on October 10th. The next day, this figure rose to over $ 11,400. Cryptocurrency analyst Josh Rager, analyzing the weekly closing values of Bitcoin, said on Twitter that there is no reason for BTC not to increase to $ 12,000:
“The BTC price is back in the range before it broke. Personally, I see no reason why BTC should not rise to $ 12,000 this week. ”
Bitcoin, which has been gaining for two days, is in a tendency to rise to the $ 12,000 band according to Rager. BTC charts shared by TradingView also indicate that weekly buy signals are strong. However, some analysts also stated that they anticipate an upward movement in Bitcoin like Rager.
Bitcoin RSI Values Herald The Rise
Analyst Mr. Anderson tweeted that the BTC weekly RSI indicator is moving in line with the bulls. Evaluating the overbought / selling conditions of an asset, the RSI indicator shows that BTC is showing bullish trends and will reach the level of $ 16k, according to Mr. Anderson.
It was stated that in order for Bitcoin to reach this level, it must first break the resistance point of 12 thousand dollars and rise above its peak in 2020, and the next target is a little under 14 thousand dollars.