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Today Chepicap’s Will Heasman takes a look at Bitcoin’s rise above $12k, the technical analysis which supported it along the way and what traders and analysts believe may be next for Bitcoin as it heads back to its previous highs. Alongside this we delve into yesterdays Tron debacle, differentiating between speculation and Tron’s official story.
Bitcoin (BTC) is finally over stubborn resistance around $12,000 and investors are rejoicing as fears of a further correction die down.
A fair bit of FUD had been mounting up prior to this break above $12k, with many fearing a further correction following the 30% retrace witnessed a few weeks ago which brought BTC down from around 14k to $9.6k in a matter of days.
Included within those individuals guilty of FUD-ing everyone, was analyst Peter Brandt, who noted that the 30% correction was fairly mild when compared to previous retraces in parabolic advancements of the past, and alluding to a much larger retrace to come.
Luckily that never came, and instead, Bitcoin broke out of its bullish wedge formation and smashed through resistance.
Now with momentum returned, analysts and speculators are looking to the future attempting to augur a brand new price point for BTC. One such speculator is Mark Yusko, CEO of Morgan Creek Capital, who believes that there is now nothing slowing Bitcoin down on its path to $30,000.
While BTC investors rejoice, Tron investors reflect upon the confusion emanating from yesterday’s events, lucky Just in Sun and the Tron foundation cleared everything up… for the most part, anyway.