Bitcoin (BTC) price rocket high today towards the goal of reaching a bullish price of $13,000.
Bitcoin is one of the digital assets in the crypto market that needs no further introduction. It is well known by financiers in and out of the crypto world. When it comes to trading, Bitcoin is one of the favorite cryptos by many, which is also one factor to consider how the crypto manages to stand the never-ending market volatility in the crypto world.
In the past few months, BItcoin has been seen to perform well in recovering from its bearish dip last March, with a price of $3,752.85. As seen on the graph above, Bitcoin is now trading with a high price of $11,859.99, with a growth rate of over +218.43%.
This huge growth rate made Bitcoin analyst Chase_NL react:
High time frame close above $12,000 and $13,000 is on the table IMO.
If we want the FULL BULL, BTC will need to fully breach and close above 13K. Retest and flip the gray box to support and up it will go.
(stimulus permitting) pic.twitter.com/TAm3QPRXJv
— Chase_NL (@Chase_NL) October 19, 2020
If this uptrend performance of Bitcoin continues, the forecast of Chase_NL can somehow happen. Bitcoin may break the resistance level of $12,400 and climb all the way up to reach the bullish price of $13,000.
However, if the crypto fails to break its resistance level at $12,400, Bitcoin might stay for a while within the price range of $11,000 to $12,000, which is not a bad deal at all. As we predicted, it may also reach over $15,000 by January 2021.
As shown above, the relative strength index (RSI) of the crypto is pointing over 60. Despite showing an indication of nearing an oversold status, it is still in a good phase. In this case, the bulls must use this opportunity and find a way to invite more investors to the platform. This will then aid them in their goal of reaching $13,000.