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Cole Petersen

Why Top Traders Expect Bitcoin to Hit $13,000 Despite Short-Term Weakness

Bitcoin seems to be extremely weak from a short-term perspective.

After breaking under $9,000 for a brief interval earlier this week, the crypto is as soon as once more vulnerable to breaking under the decrease boundary of its long-held buying and selling vary.

Multiple prime merchants, nonetheless, stay firmly bullish on the cryptocurrency’s mid-term worth motion. Some are even noting that they’re anticipating it to see huge good points within the days and weeks forward.

One such dealer defined that there at present exists a “huge liquidity pool” round $10,500 that might be focused by bulls within the days and weeks forward.

The take a look at of this degree may assist ship the cryptocurrency rocketing above the resistance right here, which might open the gates for a transfer as much as $13,000.

Other analysts agree with this risk, as one lately defined that holding above the $8,800 to $8,900 area over an prolonged interval might be all that’s wanted to push BTC to $12,000.

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Bitcoin’s Short-Term Weakness Doesn’t Invalidate Long-Term Outlook

At the time of writing, Bitcoin is buying and selling down marginally at its present worth of $9,075.

Last week, BTC was subjected to some immense turbulence that muddied the readability traders beforehand had concerning the energy of the cryptocurrency’s mid-term uptrend.

Buyers had been in a position to push it as excessive as $9,800 earlier than it was met with vital promoting stress that halted this uptrend. From right here, it started reeling decrease till it finally reached lows of $8,900 only a few days in the past.

The upper-$8,000 area has been holding as help over the previous couple of months, and patrons should proceed defending this degree for BTC to see any additional upside.

As NewsBTC reported beforehand, one analyst does consider {that a} continued protection of this important help area might be all that’s wanted to spark a motion as much as highs of $12,000.

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The analyst defined {that a} protection of this degree would lead BTC up in the direction of $10,000, with the break into the five-figure worth area accelerating this momentum.

“I believe, if we maintain $8,800-8,900. From right here to $9,600 -> then flip $9,300 -> crawling again up with acceleration above $10,000 after which $11,500-12,000 take a look at,” he defined.

Here’s Why One Top Trader is Targeting $13,000

This analyst isn’t alone in believing that Bitcoin might be well-positioned to see some main upside within the coming days and weeks.

Another standard pseudonymous dealer defined earlier at the moment {that a} huge liquidity pool round $10,500 signifies {that a} transfer to this important resistance is imminent. From right here, he believes Bitcoin may then push up in the direction of $13,000.

“Macro BTC context: nonetheless suppose we’re heading in the direction of $13Okay mid time period. Massive liquidity pool round 10.5k, worth tends to go to these ultimately.”

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Image Courtesy of SalsaTekila. Chart by way of TradingView.
Featured picture from Shutterstock.

Charts from TradingView.

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