Better days are underway for Bitcoin in terms of price growth; this is the belief of many traders and crypto experts as BTC continues to trend up in the market, pushing for another break with stability beyond the $12,000 walls.
Jason A. Williams, the co-founder of Morgan Creek Digital, a hedge fund backed by institutional powerhouse Morgan Creek Capital with a focus on digital assets, also thinks Bitcoin is approaching the brighter part of the market tunnel, and a blast-off would be the final result.
William thinks Bitcoin has just begun a launch sequence, stating that a blast-off could be seen at any moment from now.
Bitcoin is currently hovering above $11,700 with a strong support above $11,500. Earlier yesterday, BTC tested the $12,000 resistance for the first time this year but failed to maintain the position, returning back $11,700 after hours.
Bitcoin isn’t the only digital asset Williams is bullish about considering the positive state of the market. The cofounder is also very much optimistic about the performance of Chainlink (LINK), currently the 6th largest cryptocurrency by market cap. Chainlink attained this position after a remarkable growth at the end of the previous week, reaching a new all-time high.
Bitcoin Intraday Price Analysis
After the short-term top formation near $12,090, Bitcoin retraced its step back to the $11,700 zone but maintains strong support above $11,500, a bullish formation point.
The price of the cryptocurrency continues to move back and forth between the $11,700 and $11,900, however, BTC remains above the 100 hourly SMA.
While Bitcoin remains at $11,700 region at press time with -1.45% value change in the last 24 hours, the cryptocurrency seems to be targeting a recoil to the $11,950 and $12,000 levels.
If Bitcoin is able to reach its resistance at $12,090 level again, there are great chances the bulls target a growth beyond 12,200 and $12,300 levels. Nevertheless, a correction after touching the $12,000 resistance level could take BTC back to the $11,700 for the short-term.
Bitcoin Main Bull Phase has Begun – Willy Woo
Similarly, On-chain analyst Willy Woo is also of the perception that a bigger bullish run is in the making for Bitcoin. He said: “main bull phase beginning.”
Earlier, Woo said Bitcoin’s present trend indicates that it is in the “early main bull phase” similar to what played out in Q4 2016.
However, he elucidated that this year’s fractal is quite different from that of 2016, but can be linked to the presence of institutional investors. He said a “different dynamics and themes” is at play.