Bitcoin (BTC) was able to surpass $11,000 after weeks months below that level. Now, the next important target is going to be at around $12,000, where Bitcoin has usually experienced heavy resistance from sellers.
Bitcoin Continues its Rally
After several weeks being traded between $10,000 and $11,000, Bitcoin was able to clearly break above $11,000 and reach a price per coin of $11,490 in some exchanges. The main question is whether it will be able to surpass $12,000 where it usually finds large resistance.
If Bitcoin moves above $12,450, then we could eventually see BTC surpassing its previous local high close to $13,800 and registered in June last year. Experts are now waiting for a continuation of the bull trend that would help Bitcoin reach new highs.
According to PlanB, one of the most recognized crypto experts in the market, Bitcoin reaching $11,000 could be the beginning of a new bull run in the crypto space.
— PlanB (@100trillionUSD) October 9, 2020
PlanB follows the Stock-to-Flow (S2F) model that predicts Bitcoin moving towards $100,000. This would represent a price increase of over 784% and would allow the predictions of several analysts and individuals to become a reality.
A few days ago during a conversation with UseTheBitcoin, Constantin Anissimov, the CEO of CEX.IO, mentioned that it will be definitely important for Bitcoin to move out from the range $10,330 – $11,130. If the virtual currency moves higher, the next target would be $12,500. Instead, if it moves lower, the target would be $9,500.
Thus, we are now surpassing $11,300 and Bitcoin seems to be gaining some stability at these levels. According to data provided by CoinMarketCap, Bitcoin is now being traded around $11,356 and it has a market valuation of $210 billion.
It is worth mentioning that other virtual currencies are also performing well in recent hours. For example, Ethereum (ETH), the second-largest virtual currency is now being traded around $375 and it has a market valuation of $42.38 billion. In the last 24 hours, this digital asset moved by over 7.5%.
Chainlink (LINK) and Cardano (ADA) are also registering large moves in the last 24 hours. LINK surged by 12.84% and registered a price per coin of $10.62 and ADA skyrocketed by 10.9% during the same period of time.