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Bitcoin (BTC) posted a massive rally during Monday’s trading. In fact, the largest cryptocurrency by market capitalization surged upward by 13 percent and established a new high for 2020.
After fluctuating in near the $9,200 level for most of July, Bitcoin (BTC) rallied on Monday and even successfully breached the $11,000 mark briefly. Buoyed by a surge in trading volume, the cryptocurrency surged by as more than 13 percent, according to Cointelegraph.com.
Pushed by the upward pressure, Bitcoin even traded at $11,394 at one point. The price also became the new 2020 high for the token.
However, the cryptocurrency was not able to sustain the price above $11,000. At the time of publishing this article, Bitcoin is trading at $10,880.74 based on data from CoinMarketCap.
Other cryptocurrencies also posted gains during Monday’s trading. For instance, Ether (ETH) also rallied to $333.52 and established a new high. But just like Bitcoin, ETH was not able to sustain the momentum and traded at around $319.
However, Cointelegraph wrote that Bitcoin might still rally in the near future. According to the publication, on-chain and off-chain indicators seem to suggest that BTC might even rally above $12,000.
One of the key metrics that might have a hand in the digital asset’s future price appreciation is the increasing number of addresses. “The 2019 Bitcoin end-of-day high was $12,734, based on Bloomberg pricing,” the publication cited a Bloomberg report. “Unless advancing addresses abruptly reverse, history suggests Bitcoin may gravitate toward that level.”
A number of traders and analysts have been predicting Bitcoin’s rally this year. For instance, analyst Michaël van de Poppe previously predicted that the cryptocurrency could rally to $12,000 next.
“And, the price of #bitcoin is back in range and back on schedule to break above $10,500 towards $12,000,” the analyst posted on Twitter. He explained that the rally could happen as there seems to be a strong correlation between crypto and stock market movements.
Cryptocurrency analyst Willy Woo is likewise optimistic that a Bitcoin rally is going to happen soon. Woo based his prediction on a new BTC pricing model he developed.
“This is a new model I'm working on, it picks the start of exponential bull runs,” Woo wrote on Twitter. “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.”
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