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The Bitcoin price just surpassed $11,700, breaching a critical resistance level with BTC ending July at its highest monthly close since its 2017 peak.
Max Keiser just tweeted,
“Bitcoin hits new 2020 high. This leg up will continue to $28,000 before we might see a pause.”
Spartan Group’s Kelvin Koh said that when BTC breaks out of $11,400, a rally to $12,000 is likely.
Meanwhile, on-chain analyst and trader Willy Woo said Bitcoin’s rally above $11,000 could place BTC at the start of the “main bull phase.”
On 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.
At the time, Woo said:
“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.”
A month has passed since the model was revealed and the price of Bitcoin has increased from $9,100 to over $11,000.
Following up on the model, Woo said he is “relatively confident” the main bull phase is igniting.
The analyst broke down various on-chain data points, including Bitcoin’s mempool and the relative strength index (RSI), to evaluate market cycles.
Woo said that the on-chain RSI, specifically, suggests the main bull market could begin in the fourth quarter. Woo explained that:
“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.”
Similarly, Koh said that if the price of Bitcoin continues to increase above $11,400, it will sustain its momentum.
But if BTC continues to rally, the investor emphasized that alternative cryptocurrencies could consolidate.
Koh said: “If BTC breaks the resistance at $11.4K, we are going above $12K in no time. Will take the wind out of altcoins again in the short term.”
In other trending Bitcoin News today:
As The Bitcoin Price Soars, Bitcoin’s ‘Real’ Crypto Market Dominance Is Revealed
According to the new measure of bitcoin dominance, bitcoin currently makes up 79% of the cryptocurrency market—up from the 62% bitcoin market share calculated by the oft-cited crypto data website CoinMarketCap, which takes into account hundreds of cryptocurrencies that are all created and issued in different ways.
The Real Bitcoin Dominance Index, created by Buy Bitcoin Worldwide founder Jordan Tuwiner, calculates bitcoin’s market share among cryptocurrencies that are created, or “mined,” in a similar way to bitcoin.
The new bitcoin dominance index also excludes all cryptocurrencies issued as a form of fundraising, known as initial coin offerings (ICOs), cryptocurrencies tied to traditional currencies, such as tether, and other centralized projects, making it “a better measure” of the cryptocurrency market, according to Tuwiner.
“The issue with ICOs is that they are centrally controlled. Let’s say a bitcoin exchange releases stock legally via a token. Other dominance indexes would likely include that in their index. If so, then why not include the whole stock market? ICOs or stocks that are tokens are not trying to be money, and therefore should not be measured in a dominance index with bitcoin,” Tuwiner said via email.
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