###Here is Why AN ANALYST THINKS BITCOIN WILL HIT $12,000 NEXT WEEK

 

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Bitcoin has pressed higher after the 3-4% correction on Thursday.

As of this article’s writing, the asset trades for approximately $11,500.

While this is above a notable price point already, analysts think that Bitcoin will extend its gains in the near future.

One trader noted that there are clear signs that BTC will soon trade back above $12,000.

This bullish price action is somewhat dependent on the value of the U.S. dollar.

BITCOIN COULD HIT $12,000 IN THE NEAR FUTURE: HERE’S WHY

Bitcoin has pressed higher in the past 24 hours, moving to $11,500 as of this article’s writing. The asset topped around $11,550 in this near-term rally.

The asset is poised to move higher in the coming days towards $12,000, one trader thinks. He cited three trends formed on Bitcoin’s four-hour chart: the creation of a divergence between the price action and the RSI, an “exhausted” supply region around $11,000-11,300, and the price currently attempting to claim the 200 simple moving average as support.

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These three technical signs suggest that the price of Bitcoin is prepared to move higher, likely towards the year-to-date highs near $12,400 once again.

“My $BTC plan is still intact. Long if price reclaim 11.5k: – 4H bullish divergence confirmed. – Exhausted supply. – Price fighting to reclaim 200MA as support. I think we’ll see 12k next week.”