Bitcoin Price Could Easily Hit $15,000 If It Clears $12,000 Resistance Level, Says Analyst

Bitcoin must break the crucial $11,600 to $12,000 area and sustain the momentum in order for the price to move higher toward $15,000, says analyst Michael Van De Poppe.

The area is a crucial level because it is the final resistance for the bull run to continue. Despite breaching past $12,000 on Aug. 2, Bitcoin met intense sell-off which pushed the price below $11,000. In the last few days, Bitcoin steadied its climb, this time slower, but more stable than on July 27 when Bitcoin flipped all resistance from $9,900 to $11,012 in one go.

There is a clear resistance at the $11,800 to $12,000 level, Van De Poppe wrote on Cointelegraph. A sustained breakthrough above this level could push Bitcoin toward $15,000 to $16,000. A run like that could spike fear of missing out (FOMO) in the market, the analysts further stated.

The analyst said such a run might not happen because of the lack of buildup, unlike what happened when Bitcoin increased to $12,000 the first time on Aug. 2. Bitcoin stayed with the $9,000 to $9,900 range for two months. “That period of consolidation resulted in the strength and momentum that finally pushed BTC/USD above $10,000,” Van De Poppe added. He did admit that a breakout above $12,000 could still happen.

With Bitcoin currently at $12,027, $11,800 will act as the main support because it’s the current breakout zone. The initial hurdle on the upside is $12,100. If Bitcoin is going to do the upsurge slowly, it would face resistances immediately at the $12,400 and $12,500 levels, according to NewsBTC. The news outlet also said the bulls might protect the $11,900 level but a failure would push BTC further down to $11,700.

Bitcoin last reached $13,000 on July 10, 2019 and almost reached $14,000 on June 26 before stopping short at $13,900. The benchmark cryptocurrency was last trading at the $15,000 level in January 2018.