With the bulls and bears still fighting for superiority the Bitcoin price has today taken a sudden surge towards $12,000, currently resting at 1 Bitcoin to USD $11,548.
But what are the main Bitcoin price predictions from around the space?
We take a look at Bitcoin technical and fundamental analysis to gage where we think the Bitcoin price is heading in the short term and long term.
Bitcoin Price Prediction – Short Term Price Analysis
Looking at BTC/USD daily chart, we can see bulls helped break the symmetrical triangle.
This saw Bitcoin break out on 8 October from 1 Bitcoin to USD $10,599 and marked the end of a 4-week long stagnation period, where we now see a 1 Bitcoin to USD $11,548 at time of writing.
This move has seen $18 billion enter the Bitcoin space, and with little resistance from the bears, it looks bullish for Bitcoin in the short term.
According to Datamish, Bitcoin long positions outnumber shorts by 8:1, and with BitMEX coming under scrutiny from the CFTC, we might see less flash crashes.
There has been a surge in long positions around the $11,500 level, which shows market sentiment believes we are headed towards $12,000.
On the way up we will likely see resistance around $11,910 which coincides with the 0.786 Fibonacci level. Read More