Bitcoin price closes near to $13k today on Sunday for the primary time in over two and a half years following every week of positive news for the leading cryptocurrency.
Bitcoin had last closed above $13,000 on Jan. 15, 2018, six weeks after bitcoin closed above $13,000 for the primary time on its thanks to an all-time high of $19,892, consistent with CoinMarketCap.
Through late June and early July in 2019, bitcoin briefly traded above $13,000, revisiting that price index on Wednesday through Friday, but still failing to shut above it.
Earlier this week, news that PayPal is allowing its users to shop for and sell certain cryptocurrencies, alongside recent investments in bitcoin by Square and MicroStrategy, has given the leading cryptocurrency a robust tailwind. Just yesterday, JPMorgan analysts wrote that bitcoin has “considerable upside potential.”
Bloomberg Intelligence set $13,000 as a breakout price target for bitcoin during a July report that called the leading cryptocurrency a “caged bull”. In the year so far, Bitcoin [BTC] has gained over 80%.
Bloomberg Intelligence Senior Commodity Strategist Mike McGlone, who authored the report, revealed that he was impressed by how bitcoin broke above $10k in late July and turned that level into support when it had been revisited from the upside in early September.
As for the longer term, bitcoin’s “fundamental and technical indicators remain positive,” McGlone added.