Bitcoin Price Soars to $11,400 as Traders Say a 'Bull Phase' Is Igniting

Published on by Cointele | Published on

The price of Bitcoin surpassed $11,400 for the third time in three days, breaching a critical resistance level.

Earlier today BTC price reached $11,444 but it quickly rejected back to the $11,250 range.

After surging to as high as $10,470 on BitMEX, the price of Bitcoin dropped to around $11,260.

Investors are optimistic about the chance of a Bitcoin bull runOn June 27, on-chain analyst and Bitcoin trader Willy Woo revealed a new price model for BTC. The model suggested that a new bull run for the top cryptocurrency is brewing.

"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."

The weekly price chart of Bitcoin with a new price model.

Following up on the model, Woo said he is "Relatively confident" the main bull phase is igniting.

"With the current break to 11K, I'm relatively confident last months model is working on queue, we're at the start of the 'main bull phase'... 365 day on-chain RSI shows the compression at the early phase of the bull cycle nearing completion, I'm expecting RSI expansion that typifies the main bull season run starting Q4 2020 into 2021.".

In the short-term, Lifchitz said a pullback could occur as the market cools down, but if BTC surpasses $12,500 and remains on top of it, a bull market could then materialize.

"So basically, the run-up in Bitcoin seems more driven by rotation and a devaluating USD than a genuine interest in the coin, but should BTC reach and remain above $12,500 it could change the narrative. In the short term, a small pullback might be in the making, which would be healthy from here before engaging in a new run to $12,500."