After an impressive bullish stunt, Bitcoin (BTC) slowed down a little bit and things started becoming stale. That period is over now as the market starts its upsurge again with Bitcoin gaining over 5% in less than 30 minutes. Things seem to be back in shape as cryptocurrency analyst known as Galaxy says the next target is $16,000 and Bitcoin is going there fast.
Bitcoin had earlier yesterday broken through $10,000 and right to $11,000 in less than 24 hours. While this got a lot of hope up, the market eventually drew back slightly, a move that was described as a feature and not a bug. This was also considered to be an opportunity for altcoins to grow as Bitcoin dominance dropped slightly.
Another analyst, Josh Rager says Bitcoin could be going up as it holds above the trendline. In a tweet, he said:
“$BTC – breaking up from the formation
With CME futures about to kick off again in a few hours and Bitcoin slowly making it’s way up from the formation
We could see price hold above the trendline and continue to move up
The fun isn’t over :)”
Most of the analysts in the cryptocurrency space are convinced that Bitcoin is going really high this time. In fact, they say Bitcoin could be going to 2017 all-time high of $20,000 in the next few days. From there, others have projected much higher prices with the medium term ultimate set at $100,000 by Max Keiser and other Bitcoin bulls.
As usual, Bitcoin is leaving most altcoins behind except for Ethereum which seems to be gaining at the same pace with Bitcoin. Other green alts are only at marginal gains while major ones such as Binance Coin (BNB), Litecoin (LTC) and EOS are in the reds at the time of writing.
All hope may not be lost for altcoins though as the alt season is expected to start any moment from now. For now, the question is how long it will take for Bitcoin to actually hit $16,000 and where will it go from there.?