- Bitcoin price surged earlier today, once again approaching the $12k level.
- The move comes as tensions in China grow, while in the US, Morgan Stanley warned of inflation.
- Meanwhile, the behavior of BTC price caused analysts to suspect a rise to $15k.
Bitcoin price has made a return to $12,000 after previously being rejected from this level last Sunday. This weekend was marked by another market-wide rally that took numerous coins up with BTC finally closing in on the $12k mark today, August 10th.
However, while BTC only went up by 2.40%, the movement seems rather promising, at least according to a full-time futures trader, Adam Mancini.
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Bitcoin could go to $15k, and keep going
According to Mancini, the Bitcoin price movement managed to break out of a multi-year bullish triangle, and it did it quite strongly. Due to this behavior, it could be possible that BTC will continue going up to $15k, which Mancini predicts to be the coin’s next target.
If true, BTC would be at 75% of its current ATH, which still sits at $20,000 — a record that the coin set back in late 2017.
Bitcoin’s price managed to outperform the multi-year bullish triangle that Mancini referenced by almost $2,000, based on the chart he shared. BTC/USD trading pair moved sharply instead of continuing the pattern, which increased the possibility of a short-term breakout during which the coin would test the next big resistance.
Mancini further predicts that BTC might even go as high up as to reach $24k, which would be higher than ever before.
Geo-political troubles increasing interest in BTC
Bitcoin’s newest surge took place during the early Asian Monday session, which is surprising, considering that a new price correction is worrying the traders in this region. This behavior indicates that Asian traders have a long-term fundamental outlook, as they are willing to get Bitcoin at this time.
Meanwhile, Chinese stocks saw a significant drop after investors’ assessment of the recent US sanctions that targeted China. At the same time in the US, Morgan Stanley issued a warning regarding the ‘burst of inflation.’
As the situation continues to develop, many are once again looking into the idea of BTC being a safe-haven asset that is more practical and easier to use than gold itself.