# Bitcoin (BTC) briefly breaches $11K, sets new 2020 high By Mark Jason Alcala Canonical URL: https://www.tokenpost.com/news/investing/5657 Published: 2020-07-28T09:54:04.000Z Updated: 2020-07-28T09:54:04.000Z Section: Investing > Bitcoin rallied by 13 percent on Monday's trading setting a new high for 2020. Bitcoin (BTC) posted a massive rally during Monday’s trading. In fact, the largest cryptocurrency by market capitalization surged upward by 13 percent and established a new high for 2020. After fluctuating in near the $9,200 level for most of July, Bitcoin (BTC) rallied on Monday and even successfully breached the $11,000 mark briefly. Buoyed by a surge in trading volume, the cryptocurrency surged by as more than 13 percent, according to [Cointelegraph.com](). Pushed by the upward pressure, Bitcoin even traded at $11,394 at one point. The price also became the new 2020 high for the token. However, the cryptocurrency was not able to sustain the price above $11,000. At the time of publishing this article, Bitcoin is trading at $10,880.74 based on data from [CoinMarketCap.]() Other cryptocurrencies also posted gains during Monday’s trading. For instance, Ether (ETH) also rallied to $333.52 and established a new high. But just like Bitcoin, ETH was not able to sustain the momentum and traded at around $319. However, [Cointelegraph]() wrote that Bitcoin might still rally in the near future. According to the publication, on-chain and off-chain indicators seem to suggest that BTC might even rally above $12,000. One of the key metrics that might have a hand in the digital asset’s future price appreciation is the increasing number of addresses. “The 2019 Bitcoin end-of-day high was $12,734, based on Bloomberg pricing,” the publication cited a Bloomberg report. “Unless advancing addresses abruptly reverse, history suggests Bitcoin may gravitate toward that level.” A number of traders and analysts have been predicting Bitcoin’s rally this year. For instance, analyst [Michaël van de Poppe]() previously predicted that the cryptocurrency could rally to $12,000 next. “And, the price of #bitcoin is back in range and back on schedule to break above $10,500 towards $12,000,” the analyst posted on Twitter. He explained that the rally could happen as there seems to be a strong correlation between crypto and stock market movements. Cryptocurrency analyst [Willy Woo]() is likewise optimistic that a Bitcoin rally is going to happen soon. Woo based his prediction on a new BTC pricing model he developed. “This is a new model I'm working on, it picks the start of exponential bull runs,” Woo wrote on Twitter. “1) Bitcoin was setting up for a bullish run until the COVID white swan killed the party. 2) This model suggests we are close to another bullish run. Maybe another month to go.” [TokenPost]() | info@tokenpost.com ## Links in this article - [Cointelegraph.com](https://cointelegraph.com/news/bitcoin-price-rallies-13-to-break-through-11-000) - [CoinMarketCap.](https://coinmarketcap.com/currencies/bitcoin/) - [Cointelegraph](https://cointelegraph.com/news/bloomberg-a-key-metric-suggests-bitcoin-price-above-12k) - [Michaël van de Poppe](https://tokenpost.com/Traders-predict-Bitcoin-could-rally-to-12K-but-other-investors-are-betting-it-could-go-as-high-as-50K-in-the-long-run-5565) - [Willy Woo](https://tokenpost.com/Bitcoin-rally-could-already-happen-next-month-says-analyst-5596) - [TokenPost](https://www.tokenpost.com)