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Crypto Analyst Says Bitcoin Could Start Another Rally Towards $14,000

Bitcoin (BTC) could start another rally towards $14,000 according to Konstantin Anissimov, the Executive Director at CEX.IO. In an exclusive report shared with UseTheBitcoin, Mr. Anissimov considers that there are large chances for Bitcoin to move towards $14,000 if a weekly candlestick closes above $13,000. 

Bitcoin Should Remain Above $13,000

In the last few weeks, Bitcoin has been traded in a bullish way. We have seen how the largest cryptocurrency moved from below $12,000 to above $13,000. Now, there are several analysts that consider Bitcoin could be moving towards new highs and continue its bull trend towards $14,000.

In order for this to happen, Bitcoin would have to close its weekly candlestick above $13,000, which could be very bullish for the digital asset. However, if Bitcoin is not able to remind raided close to these levels, we may see the virtual currency fall to $12,500 or even $12,000. 

About it, Anissimov stated:

“While the bellwether cryptocurrency continues hovering around the $13,000 zone, investors must pay close attention to this crucial hurdle. A weekly candlestick close above it could lead to another rally towards $14,000. Meanwhile, failing to turn this area into support may see Bitcoin drop to $12,500 or $12,000.”

In addition to it, he talked about Ethereum (ETH) and how the second-largest virtual currency could have the possibility to move towards $470. The analyst considers that for this to happen, Ethereum would have to slice through the overhead resistance that was created at $420 if it wants to continue growing. 

If this does not happen, it may be possible for ETH to fall to $390 in the coming days. A few days ago, Ethereum was able to be traded above $420 for a short period of time. 

Currently, Bitcoin is being traded above $13,100 and it has a market capitalization of $242 billion. Meanwhile, Ethereum is being traded close to $405 and the second-largest cryptocurrency in the world has a valuation of $46 billion. 

It is also worth taking into consideration that Litecoin (LTC), currently the 8th largest digital asset in the market, was able to register a growth of over 22.74% in the last 7 days. LTC was one of the top 5 biggest gainers in a 7-day period among the top 100 cryptocurrencies in the market.