2020-8-19 17:16 |
Bitcoin price spent the past few weeks struggling to reach and breach the resistance at $12,000. Traders around the world kept an eye on the coin and its performance ever since it moved from $9.5k, some time ago.
Predictions were various, some claiming that rise above $11,500 will cause a surge. Others expected it to happen if BTC were to hit $12,000. At the moment, the coin sits at $12.272, after growing by 3.30% in the last 24 hours. However, the new prediction, coming from one trader, is that BTC price will only explode after hitting $13,000.
Bitcoin price expected to surgeThe new forecast of Bitcoin’s apparent explosion at $13k does not come without evidence. In his recent tweet, trader known as JSterz, noted that BTC futures are trading 6% above spot price.
It seems extreme to see BTC-Mar21 trading 6% above spot. We have been at this level about four times since 2017. If #BTC breaches 13k+ this thing is going to explode. pic.twitter.com/w9rOl1OXCQ
— Julien (@JSterz) August 17, 2020The trader sees this as ‘extreme’ BTC futures spreads, and a sign that a major bull run is along its way.
Naturally, most people would likely be pleased to see such a development. However, it has yet to be seen whether it will actually arrive.
Right now, BTC futures are set to expire in March next year, and they are currently priced 6% above Bitcoin’s current price against the US dollar. For the moment, BTC price sits at $12.272, after growing by 3.30% in the last 24 hours.
However, JSterz sees this as quite a serious indicator that the price surge is coming, and that BTC is set to explode should it reach $13k.
More evidence of the approaching rallyOf course, there is other evidence that this might be the case, Many still remember a dramatic buy-in from a company MicroStrategy in late July. This multibillion-dollar firm did not move with no reason.
Not to mention Grayscale’s purchase of BTC that is taking the coins away faster than the miners can make them. There is a huge demand for BTC from institutions, and even John Bollinger, who created Bollinger Bands indicator, believes that the strength of the upcoming rally will be quite memorable.
I imagine that someone is complaining about the $BTCUSD rally. Not me, a picture perfect advance so far.
— John Bollinger (@bbands) August 17, 2020The post Bitcoin price is set to explode if it hits $13k appeared first on Invezz.
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