Regarded as the currency for the future, Bitcoin has been breaking all boundaries, fighting off the global recension and leading the way to become one of the most profitable investments to own this 2020.
This growth phase in the value of Bitcoin doesn’t seem to be slowing down, especially at this point in time when we are seeing numeroum banks, institutional investors and large cooperate organisations stepping into the crypto market and trying to gain more exposure to the Bitcoin volatility.
These positive fundamentals and the infusion of new capital into the Bitcoin market has only made the cryptocurrency price very bullish, raising the confidence of buyers and pushing the price higher everyday.
Recently we saw Bitcoin ralley and break through the $11,000 resistance barrier, this barrier has held price back for a few weeks now, and with it broken, it opens up the way for a test of the $12,000 price region in the coming days.
Important Price Levels To Watch
The most important price region coming into play right now is the $11,187 support region. This price region is very important because it as played important roles as both price support and resistance for Bitcoin in the past.
If this support holds, we can expect to see Bitcoin bounce from that $11,187 price region and begin heading higher to the $12,000 resistance level in the coming days.
This ralley in the Bitcoin price will also have a ripple effect on the border cryptocurrency market especially the altcoins. A bullish Bitcoin price will likely push altcoins higher making it the perfect market for crypto traders to get involved with and take advantage of.
However, if that $11,187 region fails, we can expect to see Bitcoin begin to retrace that impulsive move it made earlier on. With the likely target being a crash back down to the $10,840 region or even lower in the coming days.
A crash in the Bitcoin price will also affect the Altcoin market. This makes Bitcoin the perfect indicator for predicting the direction of Altcoins.
For a list of the top best Altcoins to put on your watch list and trade during this coming bull run, check out my Top 25 Cryptocurrencies by Market Capitalization
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With