Analyst Sees Bitcoin at $12K after Price Rises Five Days in a Row

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Bitcoin should surge to $12,000 by the end of this week, according to Josh Rager of The analyst raised his price target for the cryptocurrency after it logged a five-day winning streak ending Sunday. In that period, BTC/USD surged by more than 7.5 percent, hitting a weekly high at $11,498 as traders hoped for the US Congress to release the second coronavirus stimulus package. Bitcoin eyes a $12K-retest after closing above a weekly resistance level, according to Josh Rager. Source: The pair also jumped higher after Square, a global payments company headed by Twitter’s CEO Jack Dorsey, purchased $50 million worth of BTC. Traders interpreted the move as a sign of more companies entering the Bitcoin space. Ian Lee, a cryptocurrency-focused venture capitalist, noted that the American corporate sector is currently sitting atop $25 trillion worth of assets. So even if they put 0.1 percent of their reserves…

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