Bitcoin influencer and analyst Tone Vays claims the price value of Bitcoin will see a breakout soon as the weekly chart presents a bullish picture.

Highest Weekly Close

According to Vays, Bitcoin is near to exceed the strong resistance level at $12,000 as historic bullish signal witnesses over the weekly chart. A new weekly close is presented near $12k, which is the highest in three years, and it is also the “highest close since January 8, 2018.”

Based on the data of daily timeframe, we can say that breakout is imminent, says Vays. “Everything is lining up right now: the weekly, the daily… I’m loving this, man. I think we’re ready for that breakout,” he added.

Currently, it is trading at around $11,771 after an increase of 2.3% in the previous 24-hours. It shows buyers have determined to push price value above the psychological level of $12,000.

Whales’ Number is Surging

According to the on-chain analytics firm Glassnode reveals that addresses, having more than 100 Bitcoin, have claimed the six-month high figure. There are a total of 16,159 wallet addresses that are holding more than 100 BTC.  Each of Bitcoin whales is having at least $1.17 million in Bitcoin. The technical indicator shows that the number of whales are surging as investors’ interest in cryptocurrency is up.

On the daily chart, technical indicator RSI making its pace towards “overbought zone.” The same technical indication was seen on July 26, but it did not push the price upward.

Bitcoin has outperformed other assets, such as gold, S&P 500, and altcoins, over the last day. However, some altcoins have also submitted significant progress over the last two days. For instance, XRP is exchanging hands at $0.24 after surging by 1.85% over the last 24-hours.

Former Goldman Sachs exec and Real Vision CEO, Raoul Pal, stated fiat would worthless as compared to hard assets such as Bitcoin and gold. “Fiat globally will be worth less versus hard assets,” he added.