Bitcoin Breaks Through $7,300, Many Analyzes Head for $13,800

According toarket analysts primexbt trading, Bitcoin price surged on Tuesday. From a technical analysis perspective, the Bitcoin price could hit a 12-month high

Current Bitcoin in terms of technical analysis

Bitcoin was close to hitting $7,500 yesterday, since bottoming on March 12. On that day, Bitcoin even broke the $4,000 level and hit a one-year low. To date, Bitcoin has nearly doubled in value, and could go much further.

One analysis suggested that Bitcoin could hit $13,800 by the end of June. However, the analyst also emphasizes that it is impossible to accurately predict the price of Bitcoin (which is obvious):

“It’s never possible to make a 100% accurate prediction of how the price will move in the future. But if I had to figure it out, I think it’s most likely June, which is it! “

Bitcoin Price Analysis Hits #13,800 At The End Of June

According to this technical analysis, Bitcoin will trade steadily above $9,100 by the end of this month. If this makes sense, it is possible that the price will have a period of retesting the current zone for many hours and continue to rise. Currently, in the small (30m) time frame, the price has formed a double top pattern.

See more: Chamath Palihapitiya: Bitcoin is a ‘Flight to Safety’

Enough fundamentals to favor the bulls

Besides the bullish reasons explained by technical analysis, Bitcoin also has more support from fundamental analysis. First, the stock market bounced back in the face of the pandemic that had just peaked in Europe, Italy, Spain or the UK.

In addition, the FED (1) has pumped trillions into the foreign exchange market, buying government and corporate bonds to support the economy. This amount will eventually be reflected in the BTC price sooner or later.

Finally, a strong rally could trigger the FOMO effect (2), sending Bitcoin to unexpected highs.