The past week has been every bitcoin enthusiast’s dream, bitcoin holding up strongly above $7,300 and maintaining it all along the week, the crypto community was enthusiastically pushing for a break of the $7,500 barrier. However, the weekend saw the currency fall by 3% which made a few enthusiastic become skeptic.
Now, its finally happened, and not only has it broken the $7,500 mark, but its gunning for the $8,000 mark. After testing the $7,500 resistance level and falling short, the break finally came on Monday and saw the currency go to well over it. At the time of press, bitcoin is at $7,7141.
Bitcoin Still Going Strong Even With Altcoins Dropping
While bitcoin prices are soaring, a couple of altcoins are still suffering and while saying this, Ripple comes to mind. Having hit a 2-month high of $0.52 on Wednesday, the currency was unable to break that resistance level and rather dragged down to average around $0.45.
On Monday 23 it tried to pull itself, holding the $0.46 price for a couple of hours before going back to $0.45. Ethereum is also not having it any better. On Wednesday 18, the altcoin hit a 2-month high of $511 but was unable to break the resistance level.
It was followed by a decline through the week that saw it hit $444 by Saturday 21, currently, Ethereum is averaging at around $465 after making a speedy recovery over the weekend. This story applies to most altcoins, and bitcoin is now showing off that it is the mother of all cryptocurrencies.
So, almost every digital asset saw a price hike during the beginning of the past week but only bitcoin was able to maintain the lead strongly. Despite the 3% decline during the weekend, the currency is on one of its strongest bullish rally.
Now the news is just getting better with the $7,500 resistance level broken and the bullish market is now looking forward to breaking the $8,000 resistance level.
What Are Experts Saying
Mati Greenspan, a senior analyst at eToro in a Tweet expressed his strong believe that this was just the beginning of what is ‘on the cusp of the largest bull run in history.’ Given that history offers a bull run that saw bitcoin rise from under $1,000 to just over $19,000, it is almost scary to imagine what Mati is envisioning with this bull run.
Other predictions from experts have put bitcoin’s valuation at $60,000, famously made by Arthur Hayes (BitMEX founder and CEO) by the end of the year. Tom Lee, the head of research at Fundstrat Global Advisors sees the currency hitting an all high of about $22,000 to $25,000 basing his argument on mining cost which has previously dictated the price, evaluating it at around 2.5 times the mining cost.
Notably, the mining cost is $7,000 fully loaded which means bitcoin should be trading at least above $17,500.
During the start of the week and the bull run, the market saw the entry of a few institutional investors, which saw bitcoin pick up its slack, this expected to continue as the currency gains more momentum.