The Bitcoin price action has exceeded 20% in the last week and the current price stands slightly below $11,000. This comes months after the price had seen a slump as did many cryptocurrencies and traditional stocks due to the COVID-19 outbreak.
However, the market seems to have mostly recovered but many are still cautious about the future. Cameron Winklevoss, on the other hand, has stated that the next BTC bull run will be different and this is because the market itself is different.
“The next Bitcoin bull run will be dramatically different. Today, there’s exponentially more capital, human capital, infrastructure, and high-quality projects than in 2017. Not to mention the very real specter of inflation that all fiat regimes face going forward. Buckle up!” he said.
The current data seems to agree with him as the amount of capital held by investors in the cryptocurrency market is much higher than back in 2017 and there is also much more regulatory clarity which means more institutional investors are within the market.
Poppe Suggests New Range for BTC
A similar opinion was voiced by Michael von de Poppe, who is a trader on the Amsterdam stock exchange. Poppe believes that bitcoin, having broken through it’s $10,500 resistance, could be looking at a new range soon. $12,000 used to be the strong resistance range but von de Poppe has said that $9700-$12,000 could be the new range.
“New range is probably defined. The whole breakout surprised me with the speed (regardless of being bullish). Last hurdle before $15,000 is this area between $11,200-11,700. I think we’ll settle down -> next round of altcoins,” Poppe said.
While bitcoin is doing quite well in the present, and traders are turning bullish about the asset over the short-term. A crypto trader by the name of Ethereum Jack believes that BTC is undergoing a breakout.
He suggests that the price trend of bitcoin could become overextended should the rally continue but currently, it shows signs of a prolonged uptrend.
This was also reiterated by Koroush AK, another prominent crypto analyst, who believes that should the price maintain above $10,170, $10,400 and $10,622, the price can remain bullish into the future.
At the time of writing, BTC is trading at $10,978 with a 61.36% market dominance.