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Bitcoin Surpasses $11,000 And the Next Test is $12,000

· in Breaking, Bitcoin News, Crypto News, Ethereum News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
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Bitcoin (BTC) was able to surpass $11,000 after weeks months below that level. Now, the next important target is going to be at around $12,000, where Bitcoin has usually experienced heavy resistance from sellers. 

Bitcoin Continues its Rally

After several weeks being traded between $10,000 and $11,000, Bitcoin was able to clearly break above $11,000 and reach a price per coin of $11,490 in some exchanges. The main question is whether it will be able to surpass $12,000 where it usually finds large resistance. 

If Bitcoin moves above $12,450, then we could eventually see BTC surpassing its previous local high close to $13,800 and registered in June last year. Experts are now waiting for a continuation of the bull trend that would help Bitcoin reach new highs. 

According to PlanB, one of the most recognized crypto experts in the market, Bitcoin reaching $11,000 could be the beginning of a new bull run in the crypto space. 

https://twitter.com/100trillionUSD/status/1314521749577494528?s=20

PlanB follows the Stock-to-Flow (S2F) model that predicts Bitcoin moving towards $100,000. This would represent a price increase of over 784% and would allow the predictions of several analysts and individuals to become a reality. 

A few days ago during a conversation with UseTheBitcoin, Constantin Anissimov, the CEO of CEX.IO, mentioned that it will be definitely important for Bitcoin to move out from the range $10,330 – $11,130. If the virtual currency moves higher, the next target would be $12,500. Instead, if it moves lower, the target would be $9,500. 

Thus, we are now surpassing $11,300 and Bitcoin seems to be gaining some stability at these levels. According to data provided by CoinMarketCap, Bitcoin is now being traded around $11,356 and it has a market valuation of $210 billion. 

It is worth mentioning that other virtual currencies are also performing well in recent hours. For example, Ethereum (ETH), the second-largest virtual currency is now being traded around $375 and it has a market valuation of $42.38 billion. In the last 24 hours, this digital asset moved by over 7.5%. 

Chainlink (LINK) and Cardano (ADA) are also registering large moves in the last 24 hours. LINK surged by 12.84% and registered a price per coin of $10.62 and ADA skyrocketed by 10.9% during the same period of time.  It appears a new bull market might start, or a Bitcoin Up market, as some might say.