The bears may still be hovering around the crypto market. Unfortunately, it’s until the price of Bitcoin hits 11,700 US dollars that we can joyfully welcome the bulls. In April, Bitcoin price broke into an upward trajectory after the rally took off at a slow pace in February.
While some people are convinced that bear market is finally over, others are yet to see a solid bull run although the horizon may not be that far in with the price of Bitcoin keeps the momentum; they believe that the price of Bitcoin must reach $11,700 for the bull run to be officially on. As per their argument, it is at this point that the bears took over from the bulls in the last bull run.
An analyst said in January 2018 that Bitcoin price would fall below the $11,700, and had never again been able to move past that despite the two attempts which formed an M formation or a double top.
A Twitter user noted:
“I think it’s still ridiculously early to talk about this, but there is one level only that for me will be the confirmation of a bull run. A break of $11.7K.”
Crypto analysts point on a similar price level as critical resistance and an essential turning point for virtual currency prices. If the price of Bitcoin hits above the $11,700, there won’t be a lot of resistance ahead apart from around previous all-time high. New bull will be achieved if all the resistances are conquered and chances of Bitcoin reaching a new all-time high will rise significantly.
Most analysts anticipate that Bitcoin will reach new all-time highs in 2020, if not later. In recent weeks, the price of Bitcoin has been increasing at an impressive rate. Therefore, the price of Bitcoin breaking above the $11,700 can be achieved before the year ends or even in the next one or two months.
After that, BTC investors will have themselves to thank for holding on during the bear market.
Do you think the price of Bitcoin can break above the $11,700 in the next 1-2 months?
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