- Bitcoin breaks and settles over the $11,400 hurdle point after several attempts
- Bitcoin this a new year-to-date high
- Analysts believe the next main bull run is imminent
Bitcoin News Today – The price of Bitcoin (BTC) is still on the rise, and it just broke over the $11,400 mark a few hours ago. Top digital currency analysts believe that the digital currency would hit $12k soon. Bitcoin broke over the $11,400 mark for the third time in three days.
The digital currency was rejected around the $11,444 mark earlier yesterday and corrected towards the $11,250 mark. A few hours ago, the digital currency broke over the $11,400 mark again and analysts believe that repeated visits of that hurdle point could increase the chances of a breakout.
Bitcoin (BTC) Price Today – BTC / USD
A Rally to $12,000 Is Imminent
Kelvin Koh of Spartan Group said that when the price of Bitcoin breaks over $11, 400, it would mostly surge towards the $12k mark. Whereas, crypto trader and on-chain analyst – Willy Woo – said that a break over the $11k mark could place the digital currency at the beginning of the “main bull phase.”
After rising to a high of $11,470 on BitMEX, BTC’s price plunged to about $11,260. The digital currency is currently on its way higher, and it is trading well over the $11,400 mark. At the time of writing, the price of Bitcoin is up by more than 5 percent, bringing BTC to USD price to $11,638.
Many investors and traders are optimistic about the chance of a BTC bull run. Willy Woo revealed a new price model for Bitcoin on June 27. According to the model, there is an imminent Bitcoin bull run. He said:
“This is a new model I’m working on, it picks the start of exponential bull runs. 1) Bitcoin was setting up for a bullish run until the COVID white swan killed the party. 2) This model suggests we are close to another bullish run. Maybe another month to go.”
It’s been over a month since the release of the model, and the price of the digital currency has surged from $9,100 to $11k. Woo said that he is relatively confident that the major bull phase is igniting.
Analysts Believe DeFi Tokens Pushed Bitcoin’s Price Higher
David Lifchitz – the chief investment executive of ExoAlpha – said that profit-taking from well-performed DeFi tokens is what pushed the price of Bitcoin and Ethereum higher. As Bitcoin started its uptrend, DeFi tokens and other top altcoins started heading south. The chief investment officer said:
“The recent move in BTC-USD seems to have been linked to DeFi coins profit-taking rolled into the majors (Bitcoin and Ethereum), which triggered a short squeeze of the overleveraged shorts at the BitMEX casino.”
Overall, on-chain analysts and traders are still positive after BTC’s relatively swift rally over $11k.