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After briefly breaching the $12K mark on August 10, Bitcoin (BTC) slid back down to as low as $11,267 the following day. However, the crypto’s price has been slowly climbing back up since that and some investors even believe that it’s on its way to challenge $12K once more.
Since sliding below $11,300 on Wednesday, August 12, Bitcoin is back on its feet and is now trading about $11,700 at the time of this article’s publishing. In fact, many are bullish that it might even be on its way to breach $12,000 and beyond due to interest from both retail and institutional investors, according to Cointelegraph.
The entire crypto sector has been increasingly bullish lately as evidence by altcoins like Tezos (XTZ) and Chainlink (LINK) establishing new all-time highs. This positive sentiment is also confirmed by the Crypto Fear and Greed Index whose indicator currently points to “Extreme Greed,” a sharp contrast to July’s outlook when it pointed at “Fear.”
The cryptocurrency sector also welcomed a wave of bullish news recently. For example, Nasdaq-listed investment firm MicroStrategy Inc. announced its acquisition of 21,454 BTC as part of its capital allocation strategy while citing the token’s dependable store of value as well as its superiority to cash in terms of appreciation potential. Meanwhile, Grayscale acquired 9,702 BTC for around $110 million in just five days, which shows the firm’s confidence on the token.
Given the generally positive sentiment of the market, market intelligence firm, Stack Funds, believes that it might be on its way to test the $12K mark once more. “A retest of the $12,000 level is in sight as the formation of a bull flag crystallizes,” Stack said.
The market intelligence firm projects that Bitcoin will continue to move upward due to a number of factors such as the weakening greenback. “Stack believes that the current market structure will continue to remain intact unless the $10,500 level is breached. Given the current economic backdrop coupled with the weakening dollar, we should continue to see bullish momentum moving forward for Bitcoin.
