Starting from this month, Bitcoin saw a break via the $12k resistance level and hit a price as high as $12,100 USD. This bull move was though short-lived for Bitcoin & soon it dropped to as low as $10,500 an hour or two after breaking $12k bench mark. BTC then regained $11k and pushed to as high as $11,900 earlier on Thursday, 6th Aug.
Bitcoin Suffering Momentary Pullback
Moreover the worth noting, is that Bitcoin [BTC] suffered a momentary pullback earlier on Friday, 7th Aug., and fell to as low as $11,300 from $11,800 levels. This event was due to the stock exchange reacting to news of the White House continuing to bombard the China-based companies of WeChat and TikTok regarding their operations within the U.S.
The drop to $11,300 USD also saw $11,500 act as a robust support zone. A weekly close above $11,500 is going to be a bit bullish for Bitcoin as explained by the CEO of Arcane Crypto, Torbjorn Bull Jenssen.
BTC recently broke the technical resistance around $10,500 and is shaping up to print the primary weekly close above $11,500 since Jan 2018. This is very bullish! watching the underlying market development, it’s not unlikely that BTC can reach a new ATH above 20k USD by EOY.
Bitcoin Price Around $12k
As mentioned by Mr. Jenssen, a Bitcoin weekly close above $11,500 USD might be the catalyst required to propel BTC to a all-time high price before the end of this year.
In line with the team at Skew, Bitcoin features a 10% chance of closing 2020 at a worth of $20k. The chances reduce to six percent for BTC closing the year at a worth of $24,000 and 4% for Bitcoin having an all-time high of $28k by end of this year.