Read any crypto Twitter feed or sub-reddit; bullish sentiment is in the air. The rally that began with a slow start in February and turned Bitcoin price into a jet-fueled rocket in April has reignited the excitement and irrational exuberance that once took the world by storm at the end of 2017.

The parabolic rise has most feeling FOMO and confident the bear market bottom is in. But some aren’t so convinced a bull market has yet to begun, and thinks that $11,700 is the only price level that if broken, confirms a bull market has begun.

Crypto Analyst: It’s Not a Bull Market Until Bitcoin “Breaks” $11,700

Bitcoin is once again making headlines in newspapers and on television, as the crypto asset has more than doubled in value so far in 2019, to the delight of new investors of the emerging financial technology.

Following the longest bear market on record, Bitcoin is working on its fourth consecutive green monthly candle close – something that only occurs during bull markets. However, not everyone is convinced the recent powerful upward price movement means the bulls are back in control.

Related Reading | CME Futures Gaps Hint Bitcoin Price is Headed to $18,000 Or Higher

One crypto analyst says that $11,700, a price Bitcoin fell below in January, and has never again been able to breach, despite two attempts at it – which formed a double top or “M” formation.View image on Twitter

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TEDDY @teddycleps

☝🏻
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#bitcoin$BTC

It is still ridiculously early to talk about this, but

There is one level, and one level only that for me will be the confirmation of a bull run:

*A BREAK OF 11.7K*

That resistance is what ended the bull market and made the bear market official 2367:17 AM – May 27, 201953 people are talking about thisTwitter Ads info and privacy

Since the resistance did reject Bitcoin twice, and violently so, it very well could pose a challenge for Bitcoin if it gets to that level in the coming days ahead. Or, it could fall just as easily as the much hyped support-turned-resistance flip of $6,000 that Bitcoin left in its dust without so much as a second glance in the rear view mirror.

Other crypto analysts are pointing the a similar price level as critical resistance and an important turning point for the cryptocurrency. If Bitcoin were to break $11,700, there’s not a lot of resistance ahead except for around the previous all-time high – a price where many may looking to finally sell at a break even.

Bloomberg Crypto@crypto · May 27, 2019

Bitcoin soared to the highest level in a year, extending a run that’s seen prices more than double https://bloom.bg/2EyfTsI 

bull market

Master @xtdisnkfe

More to come pic.twitter.com/ISolcEscK0113:45 AM – May 27, 2019Twitter Ads info and privacy

bull market

See Master ‘s other Tweets

After these levels are conquered, a new bull run will be “confirmed” and chances of Bitcoin reaching a new all-time high will increase significantly.

Most crypto analysts had anticipated Bitcoin not reaching new all-time highs until 2020, if not later, yet the price of the cryptocurrency has such momentum behind it, its turned disbelief back into exuberance. But with a new, emerging asset class that behaves differently then other assets due to scarcity and a 24/7, global marketplace filled with retail investors, truly anything is possible as recent weeks has shown.

Related Reading | Crypto Analyst: Bitcoin Price Forming Symmetrical Triangle, 60% Chance of Continuation 

Prior to the recent rally, many were calling for sub-$3,000 prices, with Bitcoin traders waging a full Bitcoin that their bearish calls would be accurate. Instead, the cryptocurrency has nearly tripled in value in just six short months from its bear market lows.

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1 Comment

Bitcoin Crypto 3 mins Bitcoin Price Close Above $9K Will Be Largest Green Monthly Candle Since 2013 · May 31, 2019 at 4:54 am

[…] price of Bitcoin has been on a wild ride in recent weeks, with a parabolic rally that began in early April taking the first-ever crypto asset on a journey back toward its all time high price of $20,000. […]

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