Bitcoin Needs $11,700
Since this Bitcoin (BTC) rally started, analysts have been asking, when and how will cryptocurrencies reach new heights? According to Level’s Josh Rager, getting BTC past $20,000 isn’t as hard and far away as some may think.
In a well-received recent tweet, the popular analyst, who has risen to prominence amid 2018’s bear market, claimed that Bitcoin needs to close above $11,700 to spark a move to new highs. For those unaware, $11,700 is the price point at which BTC found resistance during the collapse from $20,000, and where BTC topped during April 2018’s bear market rally.
As to why this will happen, Rager explained that there is minimal resistance between $14,000 and $16,000, as made evident by Bitcoin blowing past those levels without faltering in 2017’s parabolic move. He adds:
“Bullish sentiment & greed will propel price action to new highs & accumulating under $11,700 will be key, imo.”