The resurgence of Bitcoin bulls has seen the coin soar in the last couple of hours. Bitcoin which was earlier in the day trading below $5,600, has in the last couple of hours gone on to soar above this position and hit a high of $5,800.
This marks a 5 month high for the crypto leader and sees it come at earshot of retesting the $6,000 resistance level. As we reported yesterday, Bitcoin is currently enjoying a positive spell of good news all of which are helping boost its adoption.
At the time of press, Bitcoin is still well above $5800. The surge marks a 6% rise in the last 24 hours. On top of prices rising, market capitalization has risen once again to an impressive stand and at the time of press stands at just above $100 billion.
Bitcoin’s market cap is $100 billion.
— Pomp 🌪 (@APompliano) May 3, 2019
Bitcoin’s recent dominance has come in-handy pushing prices high up. At the time of press, this stands at 55.2%.
Altcoins have also been pulled up by Bitcoin, most of them turning green in the last 24 hours. Some of the highest gainers include Litecoin, Bitcoin Cash and Ethereum all of which have soared by more than 5%. This will go along way in re-restoring confidence among altcoin investors who were beginning to feel that the ‘altseason’ is over and that all the money was now headed to Bitcoin’s way.
In the next couple of hours or days, the bulls will look to retest the $6,000 psychological resistance position. This remains a key test for Bitcoin’s long-term prospect.
$100,000 To $300,000 Forecast
Experts are now beginning to make bold price forecasts. Two of them have expressed their views and made their predictions of around $100,000- $300,000. Analyst on Twitter named $carface stated this:
Each time Bitcoin has crashed 70%+ the following cycle peak has been 5.1-16.89 times higher than the previous.
If that happens again then the next all time high will be roughly $102,000 – $336,000.
Another analyst on Twitter (Galaxy) still backed this theory when he also Tweeted out:
Observing structure similarities between the monthly candles of October 2015 and April 2019.
October 2015 marked the start of most significant bull run in BTC history after a 6500% price surge in 2 years.
Another similar bull run puts BTC at over $330K/coin, by the end of 2021.