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- Bitcoin broke through the $12,000 mark again a few minutes ago and could mark the start of a new bull run
- Analysts say that Bitcoin could continue to rise in the long term, but that a correction is likely in the short term.
Bitcoin has been trending largely sideways over the weekend, but the Bitcoin price broke through the $12,000 mark a few minutes ago. Within the last 24 hours, BTC recorded a plus of 2.18% and was trading at a price of $11,974 at the time of writing. The market capitalization has risen from $216 billion to almost $220 billion and the Bitcoin dominance slightly to 60.7%.
Analysts are currently discussing whether another correction is imminent or whether Bitcoin can initiate a further upward trend. Blockroot founder and Bitcoin trader Josh Rager explains on Twitter that Bitcoin has not shown a higher weekly closing on the weekly chart since January 2018. With yesterday’s close of the week, Bitcoin marks a higher high on the weekly chart, but it does not rule out a possible correction. Overall, however, he is bullish for BTC and expects the price to continue rising in the coming days.
https://twitter.com/Josh_Rager/status/1292612780516945920
The well-known commodity and Bitcoin trader “Il Capo Of Crypto” is also bullish for Bitcoin, but he thinks a correction to the $10,500 mark is important. Bitcoin has risen too fast for its taste, so another wave of big whale sales could follow. He advises his followers to work with intelligently set stop loss settings.
$10.5k test would be healthy.
— il Capo Of Crypto (@CryptoCapo_) August 10, 2020
“The Wolf Of All Streets”, however, states that Bitcoin must close above the $12,000 mark on the daily chart before BTC can embark on a further upward trend. Although the fundamentals look bullish in his opinion, he urges caution as whales could take some of their profits and pull out of the market.
12K all day. $BTC
— The Wolf Of All Streets (@scottmelker) August 10, 2020
A few days ago, Jonny Moe was divided on whether Bitcoin can break through the $12,000 mark and thus fulfill the bullish scenario. A few hours ago, however, he says that BTC will continue to rise in his opinion, as Bitcoin has even risen to $12,100 in the short term, thus overcoming strong resistance.
The aggressive one wins. $BTC pic.twitter.com/IeqAPW2vRR
— Jonny Moe (@JonnyMoeTrades) August 10, 2020
Ethereum and XRP continue to trend sideways without showing any major price movements. The biggest rallies are shown by Chainlink with a price increase of 6.93% to $13.51 and Tezos from 9.34% to $3.67. Chainlink probably rose to a new all-time high of $13.87 USD due to a short squeeze in the futures market. In the case of Tezos, the extensive update to the Kiln application is believed to be behind the price increase.
Number of Bitcoin addresses continues to rise
Institutions could also be a factor in the current trend. As we reported, more and more institutional investors are entering the market. These include companies that invest in Grayscale’s largest crypto-fund worldwide, but also other heavyweights in the financial industry. Analyst Teddy has shared a chart with his community that shows that the number of addresses holding 1 Bitcoin or more has been growing steadily.
https://twitter.com/TeddyCleps/status/1292416736046743554
This trend has continued despite the sharp drop in price in March, also known as “Black Thursday“, as well as against the ongoing corona pandemic. According to Teddy, smaller investors are entering the market as the adaptation continues to grow daily. Meanwhile, Grayscale announced that it is launching a TV campaign on cryptocurrencies on major American TV channels.
