Bitcoin Price Touches a New High of $12K in More Than a Year

The price of Bitcoin (BTC) on August 17, 2020, reached $12,198.17, thanks to growing interest and confidence of institutional investors in the blockchain technology.

It is believed that after the financial crisis triggered by COVID-19, global central banks have adopted various economic stimulus measures, which have also promoted the rise of Bitcoin prices.

The Bitcoin prices surpassed $12,000 after fluctuating between $11,000 and $12,000 for the last few weeks.

Though market analysts, including Invest Diva CEO Kiana Danial, are enthused with this hike, they are awaiting more data before concluding that the surge in the Bitcoin price is real and stable. Danial said that once it is confirmed, they will be better positioned to tell whether BTC/USD can open above this level on the following day.

In failing to do so, more fluctuations in the Bitcoin price can be seen before it touches the next resistance level of $13,234, she cautioned.

Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, believes that for being sure that there would be no more fluctuations, the Bitcoin price needs to consolidate above $12,000 for some more time. DiPasquale said that the current spike in the Bitcoin price would encourage the market.

Speaking about the long-term prospects of Bitcoin, Danial explained that the cryptocurrency is poised to complete the double bottom bullish reversal chart pattern, first revealed in 2018. With this scenario becoming true, there will be long-term gains in the Bitcoin price towards $20,000, she further added.

Most of the analysts expect that the time the Bitcoin price reaches this milestone, there is a strong possibility of it trading close to the all-time highs that it reached on a couple of occasions, once in late 2017 and then in early 2018.