Mark Principato: “We Expect Bitcoin to Return Above $ 12,000”
According to Mark Principato, an analyst and founder of Seeking Cryptos, the speech of Fed Chairman Jerome Powell will cause bitcoin to rise above $ 12,000.
Mark Principato noted that recently the rate of the first cryptocurrency has been consolidating in a rather narrow range – from $ 11,120 to $ 11,700 will exceed $ 12,000.
“Quite a difficult situation, but if BTC goes above $ 11,700, it will easily exceed $ 12,000. Otherwise, strong support is expected at $ 10,500,” the analyst said.
The growth of the first cryptocurrency may be facilitated by the speech of the chairman of the US Federal Reserve Jerome Powell, which took place tonight. As Powell’s speech points to accelerating US dollar inflation and confirms a deepening or continuing economic crisis, this will lead to increased investment in defensive assets. One of them is Bitcoin.
Interestingly, Bitcoin has been trading above the $ 10,000 level for over a month. This is the second time in the history of the first cryptocurrency. Bitcoin first rose above $ 10,000 in November 2017 and traded above that 63 day mark.