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Staying below $11,000 levels for weeks and months can be a good sign. Good because despite so much volatility and bad news pouring in, Bitcoin still managed to hold its guard and did not repeat its performance of March! But how long was it intending to stick to that point?
But now good news pours in because Bitcoin finally manages to surpass the $11,000 mark weeks and months after it was trading at levels below it. With it finally passing this level, is it going to now go around $12,000 which is a point that faces heavy resistance from the sellers. Bitcoin managed to break above $11000 and reach a price of above $11,490 in some exchanges. Now the pressing question is whether it will be able to go beyond the $12,000 at which it meets resistance.
But once it passes the $12,000 mark especially above $12,450 then we can see it go close to its previous high of $13,800 which was seen last year in June. Experts believe if the current bullish trends of Bitcoin continue Bitcoin will surely reach new highs. PlanB one of the most recognized crypto experts in the market believes that Bitcoin racing ahead of the $11,000 mark is an indication of the initiation of a new bull run in the crypto space.
PlanB with its Stock-to-Flow model predicts that Bitcoin will push towards $100,000 which will be a growth of 784%. In one of the conversations Constantin Anissimov, the CEO of CEX.IO said that it is extremely important for Bitcoin to come out from the interval of $10,330 and $11,130. If the currency is to move up then the next higher side would be $12,500 but if it moves on the lower side the target would be $9500.
Source: Twitter
So, firstly exceeding the $11,000 levels itself is a winning deal for Bitcoin and now with it surpassing the $11,300 levels, it is expected to gain some stability at these levels. CoinMarketCap provided some valuable data and it said that Bitcoin is now being traded around $11,356 and has a market valuation of $210 billion. Thus the levels so reached indicate good sign and likely to boost investor confidence in Bitcoin stimulating the bull run further.
Not just Bitcoin but a host of other virtual currencies are also doing well in recent hours. For instance, Ethereum (ETH) which is the second-largest virtual currency is also trading strong at around $375. Its currency market valuation is $42.38 billion. In the last 24 hours, ETH has been strong enough to see a growth of over 7.5%. Even Chainlink (LINK) and Cardano (ADA) have also registered some strong and large moves in the past 24 hours. LINK increased by 12.84% with a price per coin of $10.62 and ADA surged ahead by 10.9% in the same time period.