In a stirring and interesting turn of events that excited both Bitcoin proponents and the entire cryptocurrency market in general, the world’s first and largest decentralized cryptocurrency, experienced a price surge which saw its value shooting up by more than $1000 in a period of 48 hours. Bitcoin has now successfully hit and crossed the $7,000 mark and still continues to climb.
Bitcoin has been on a remarkable upward trajectory for more than a few days now. It was noted and started being closely watched when it crossed the $5,800 hurdle. Ever since then, it has continued to rise, and notably broke through $6000 and $6,400, all the way to its current level above $7k.
After successfully hitting $7,400 and surpassing it, some fluctuations began to set in as the value dropped and rose quite repeatedly over a few hours. It dropped back down to $7,200 and still dropped further below $7,100 – a reaction that a few people took to mean that the surge was an unsustainable behavior. However, it quickly climbed back up and at this time, is trading above $7,490. This is Bitcoin’s highest value in about eight months.
Could there be a Heavy Pullback?
Based on the current trend, the possibility of a heavy pullback might not be a robust one. Even though there were pullbacks almost to the point of dropping below $7,000, it was short lived and is not expected to happen again, for quite a while.
There have been many predictions for the price and performance of Bitcoin between now and the end of the year. Since it is now slowly reaching $7,600, bulls are currently targeting a possibly $10,000 price sometime in the near future. However, this price is still a bit more moderate, compared to earlier predictions
A few other analysts, months before there was any real hope, predicted prices greater than the 2017 all-time high of almost $20,000. With the current trend, it’s not entirely hard to believe that Bitcoin could reach $20,000 and even do more. Since we’re still in the second quarter, there is still a lot of time for Bitcoin to blow us away.