Here’s Why an Analyst Thinks Bitcoin Is Primed to Retest $12,000

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Bitcoin plunged during Friday’s trading session as the cryptocurrency was once again rejected at $12,000. $12,000 has been a pivotal level for BTC in the past week and also in the past three years. The drop scared many traders, many of whom opened short positions as Bitcoin slid under $11,500. Going against the grain, Bitcoin proceeded to bounce as altcoins erupted higher. As of this article’s writing, BTC has recovered to $11,750. Analysts think the cryptocurrency remains in a bullish state as it managed to hold the pivotal $11,500 support. Bitcoin Could Soon Test $12,000, Analyst Says As Price Holds Pivotal Level Bitcoin’s bounce on Friday convinced many traders that bulls may still be in control, despite initial sentiment indicating otherwise. One cryptocurrency trader, who accurately predicted much of the ongoing breakout, shared the chart below on August 8th. It shows that since Bitcoin cleanly bounced off the support around…

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