By Omkar Godbole
Bitcoin is on the rise toward $12,000, but may face a stiff challenge to cross the price hurdle.
- The leading cryptocurrency by market value is currently trading near $11,900, a 1.2% gain on the day.
- Prices broke out of a descending triangle on Monday, confirming a resumption of the rally from Oct. 8 lows near $10,500 and opening the doors for the psychological hurdle of $12,000.
- “I expect bitcoin to reach $12,000,” Patrick Heusser, senior cryptocurrency trader at Zurich-based Crypto Broker AG, told CoinDesk, noted in his analysis early Tuesday.
- Crypto analyst Lark Davis believes bitcoin is now positioned for a notable rally.