Bitcoin (BTC) set to cross $12,000 mark
In recent time, Bitcoin has breached the $10,000 mark comfortably, and it could be well on its way to the 12K mark. The huge gain against the US dollars has been seen in the last few days, and the increase in the value is more than 10 percent. With this performance, one can expect that it can touch the $11,000 pretty soon.
If we compare the price last December which was $3100, it has tripled. Hence, we cannot call this a sudden increase in the value of Bitcoins, but there has been a considerable build-up in the last few months. This only proves stagnation period in cryptocurrencies have come to an end, while the cryptocurrencies itself have shown significant signs of the strength. Industry experts have noted that consistent build up in the price of Bitcoin is due to the positive attitude of investors. With this positive sentiment, more investors are likely to invest in the cryptocurrencies.
The recent increase in the value of the cryptocurrency could be well attributed to the fifty percent Fib retracement level of the current rally, that helped to breach the 10K mark and formed strong support for the rally. It was observed in the hourly chart of BTC/USD, there is a presence of a bullish trend line around $10,200, that is providing the support. With holding at little bit above $ 10,900, crypto traders are bullish that its only a matter of time, when the 11K mark will be successfully breached.