Positive Momentum Could Push Bitcoin (BTC) Price to $12,000: Market Technician JC O’Hara

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Thu, 02/13/2020 - 14:35
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    Market technician JC O’Hara explains why the price of Bitcoin (BTC) might rally to as high as $12,000 in the nearest future

Positive Momentum Could Push Bitcoin (BTC) Price to $12,000: Market Technician JC O’Hara

JC O’Hara of MKM Partners seems to be convinced that Bitcoin (BTC) is no longer in a bear trend. During a new episode of CNBC's "Trading Nation," he opined that the crypto king could touch the $12,000 level, which seemed unattainable for the bulls less than two months ago.   

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Consolidation is over 

According to O’Hara, Bitcoin is no longer in the consolidation stage that took place in the second half of 2019. Now, its price action is driven by "positive momentum" that could push the BTC price to as high as $12,000. 

“We broke out of the downward sloping trend channel. We’re breaking above the $10,000 psychological level, and we’re of the opinion that positive momentum will continue to follow positive momentum. So that’s why we think in the short term we could see $12,000 on bitcoin,” O'Hara said. 

On Feb. 12, Hedgeye Risk Management also determined that it was still in a bullish trend. This is the same company whose CEO, Keith McCullough, compared BTC to the tulip mania in late 2017.  

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Bitcoin stumbles    

The Bitcoin (BTC) price has recently faced a brutal rejection near $10,500, dropping to an intraday low of $10,087 on the Gemini exchange.  

CNBC was in danger of proving itself to be a contrarian indicator once again, but BTC quickly managed to recover after its $400 drop. It is currently changing hands at $10,270 after shooting up to $10,517 and again getting rejected. 

BTCPrice

Still, the bulls shouldn't get too comfortable. As reported by U.Today, the trader who accurately called the January rally recently predicted a drop back to the $7,500 level.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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