• The increased trading volume on the spot market drove up the price of Bitcoin.
• The target price for Bitcoin is $12,000 in the short term and $14,000 in the medium term to initiate a bull run.

Despite recent unfavorable developments for the crypto market, Bitcoin’s price is currently driven by the bulls. At the time of publication, BTC is trading at $11,370 with a gain of 4.53% in the last 24 hours. On the weekly chart, BTC records a profit of 7.62%. On the monthly chart, Bitcoin has the third-largest gain in the top 10 with 11.22%, behind Cardano (16.41%) and Binance Coin (17.72%).

Experts have pointed out several reasons to explain Bitcoin’s recent price rally. Bitazu Capital’s partner, Mohit Sorout, shared the graph below to show the increase in trading volume on the spot market. Comparing it to the futures market, Sorout concluded that BTC price action is being led by this side of the market.

However, monitor BXRekt on Twitter also recorded a liquidation of a short position on BitMEX futures market worth $5,759,373 at a Bitcoin price of 11,429 which may have stopped Bitcoin from even rallying further. Thus,  the futures market may continue to have an impact.

Sorout also said Bitcoin’s price recent performance was driven by the announcement of Square’s $50 million BTC purchase. The company led by Jack Dorsey made the purchase public two days ago. Immediately after the announcement, the price of Bitcoin rose by over $300. Renowned analyst Willy Woo shared Sorout’s thesis and gave similar reasons for the upward trend, as shown funnily in the chart below.

This is consistent with the latest report from senior commodity strategist for Bloomberg Intelligence, Mike McGlone. In the report, Bitcoin McGlone presented two bullish indicators for Bitcoin: adoption and supply reduction.

Along with the report, Glassnode data shows that Bitcoin’s fundamentals are at an all-time high. The hash rate, as shown in the graph below, is at an ATH of 170 Exahash. This represents a 40% increase since May when Bitcoin went through its third halving.

Bitcoin en route to new all-time high?

On the other hand, trader GalaxyBTC stated that the most recent breakout above $11,000 is one of the most important in the crypto market. In addition, he noted that BTC managed to hold for the longest period in its history above $10,000. Galaxy expects that the $14,000 mark will become the new resistance for Bitcoin in the long term:

This probably the most important breakout & restest in the crypto space for years. 10k for $BTC held several times. I am expecting 14k as the next high timeframe challenge.

In the short and medium-term, the technical analyst, Credible Crypto, set his own target price. After BTC managed to hold the support level at $10,500 and move up to $11,179, the next target price is $12,134, as shown below.

The optimistic mood seems to have returned with more momentum. The fundamentals, forecasts and narrative all point to a possible upward movement that could take Bitcoin to a year high. More bullish traders, like Crypto Bitlord, believe that this breakout will take Bitcoin to a new all-time high:

You don’t need to think (You just need to $LONG). This breakout will take us to ATH. Welcome to the generational PUMP BTC.

Recommended for you:

• Buy Bitcoin Guide
• Bitcoin Wallet Tutorial
• Check 24-hour Bitcoin Price
• More Bitcoin News
• What is Bitcoin?