Bitcoin could break out towards $ 13,000 – market structure is increasingly bullish

Bitcoin could soon move towards $ 13,000
Bitcoin rose above $ 12,000 today for the first time since August 2nd. The move has since stalled and has since fallen back below $ 12,000, as some bears had predicted. That said, there are still analysts who believe a move to $ 13,000 for the leading cryptocurrency is imminent. Eric “Parabolic / King” Thies, a cryptocurrency analyst and indicator creator, shared the chart below after moving to $ 12,000. It shows the macro price action of BTC with long-term resistance to watch out for. In his opinion, there will be little macroeconomic resistance until Bitcoin hits $ 13,300 – 10.8% or $ 1,300 above current market price.

Bitcoin’s rally over $ 12,000 today marks a transformation of a bearish market structure into a bullish one, the analyst said. He stressed that “$ 13,000 looks ripe” and points out how the rally has made a higher high to $ 12,100 in the near future. Expectations of a move to this level and possibly beyond were further reinforced by Bitcoin’s weekly price chart.  On Sunday evening, the cryptocurrency closed above $ 11,500, marking the highest weekly closing since the beginning of 2018. BTC’s closing price above $ 11,500 confirms that there will not be a multi-year bear market that will take the cryptocurrency to new macro lows.

All eyes on gold
While Bitcoin could technically be on the way up, investors should still keep an eye on gold prices. For the past few weeks, gold has led Bitcoin’s overall performance as a correlation has formed.With the US dollar breaking higher after a sharp decline, gold could fall – and so could Bitcoin. However, BTC could deviate from gold should altcoins push the leading cryptocurrency up.