Bitcoin has been officially declared to be in a bull market with staggering evidence. Early this morning, the crypto leader broke above $9,000 and still going up. Bitcoin has broken 3 key resistances at $8,200, $8,550 and $8,900 in the last few days with very little struggle, a sign which may be suggesting that the surge is not stopping soon.
Bitcoin had corrected to the $7ks high and although even the most bullish analysts became skeptical and expected a further dip to as low as $5ks, the asset suddenly started an upward move, reaching over $8,800 as at yesterday. Many are asking if it’s heading for $10,000 in the next few hours.
Yesterday, a renowned analyst known as Galaxy asked why Bitcoin would not reach $20,000 in the coming weeks. Indeed the journey seems promising and other analysts also think this is possible if the current trend continues. The trend indeed is likely to continue as analyst Josh Rager says a new yearly high is in sight, probably much higher than the current $9,000.
The next few days may also be holding a huge surprise as Fundstrat’s Tom Lee says the radiant highs may just be a few FOMO days away. If this becomes a reality then 2019 may become the best crypto year ever.
Bitcoin is currently trading at $9,335 on Coin Market Cap with a gain of 7.43%. Most altcoins are also in the green but the rate of growth does not measure up to Bitcoin. The fear that Bitcoin could grow too fast and dominate altcoins thus hindering their growth may soon become a reality as well if the expected patterns play out.
The rest of today may get more exciting as the market continues to bloom, but the really interesting aspect is seeing how things play out in the new week. Will we head to a new yearly high or will there be a pullback?