Bitcoin Forecast And Analysis For 12th February: Huge Rise Suggests Reversal Back To 4000

Over the weekend we've seen the price of Bitcoin jump up to 3700 after a huge rise took place on Friday evening. This rise broke through both sell areas I said could cause the price to reverse in Fridays analysis, and its appearance is a sign we could now see the price hit 4000 in the coming days.

At the time of this writing, the bitcoin course was equal to $3597 and the market capitalization was $64 billion.

Since the rise started the price has calmed down a bit, spending most of Saturday, Sunday and today moving between 3574 and  3653. There is a chance this sideways action could result in a decline back to buy area found at the beginning of the rise; however, judging by the size of it I think this is unlikely.

For the moment, keep an eye on the green area marked at the bottom of the recent lows, because the price has a high probability of reversing here if it falls back into it over the coming days.