BTC continues inching closer to £12K as bulls remain dominant

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Nov 12, 2020
  • BTC’s journey to making a full recovery is 80% complete.
  • Experts believe increased cashing out by traders might see BTC dive deeply.
  • Mike Novogratz, a crypto expert, advises users to continue HODLing their BTC.

Bitcoin (BTC) the leading cryptocurrency in terms of market capitalization is gradually moving closer to £12,130 as bulls continue dominating the market. The coin opened trading on Monday trading at £11,730 before closing the day with a downward correction to £11,624. On Tuesday, BTC made little movement and was trading at £11,594. Yesterday, the coin registered significant gains, setting an intraday high of £12,069 before experiencing some downward correction to close trading at £11,906.

At the time of writing, BTC has managed to make an upward correction to reach and surpass yesterday’s high. The coin is trading at £12,072, representing a 3.58% gain over the past 24 hours. Per data from CoinMarketCap, the coin had a trading volume of £25,333,009,087 over the past 24 hours with a market cap of £222,917,086,685.

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Per analysts, BTC’s current resistance level is at £12,100. If bulls remain persistent, the coin is set to meet its next resistance at £13,034, which might be its last resistance level before retesting its all-time high (ATH) at £14,995.

BTC’s price is 80% of its ATH

According to Yassine Elmandjra, a crypto analyst BTC price is almost making a complete recovery, 692 days after the coin hit its ATH on December 17, 2017.

The analyst unveiled this news via a tweet noting,

“The price of bitcoin is now 80% of its all time high, the closest it has ever been to full recovery. Historically, it has taken 12 days on average to go from 80% recovery to full recovery.”

Despite the coin’s unrelenting bullish momentum, experts believe that traders might start cashing out to make profits. Per the experts, this will inevitably see the coin plunge once again. While most traders believe cashing out while BTC’s price is performing well is wise, Mike Novogratz, a renowned BTC proponent, and former hedge fund manager, advises against it.

Novogratz tweeted that,

“The hardest thing to do in a bull market is to sit.  My pal Paul Jones calls it the ‘pain of the gain’. This is a $BTC bull market. Your job is to sit on your hands and lock away your phone. The instinct to ring the cash register is high. Don’t. Just HODL right now. Free advice.”

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