Bitcoin has made a big comeback, successfully climbing back above $8,100. The return by the bulls comes after a dip a day ago that saw Bitcoin retest the $7,750 low. While the drop below one of its higher support position of $7,800 was troubling, its ability to bounce up before testing the troubling $7,600 was commendable.
Today, Bitcoin seemed to start off small with moderate gains of about 2% but as the wider market turned green, Bitcoin intensified its rally. Trading volume has also kicked up a notch after beginning the day under $19 billion. This is now headed above $20 billion.
At the time of press, Bitcoin has climbed to nearly $8,200. After surging by around 5%, Bitcoin is exchanging for $8,180. With the current momentum, Bitcoin is poised to retest the $8,250 resistance position. This will ensure a support position above $8,000 should a pullback follow. On the higher side, soon as $8,250 is achieved, $8,500 will be next putting $9,000 in play.
The latest rally from around the market has seen the total market cap climb to around $262 billion and this could retest $275 billion if top assets continue performing well.
‘2019 Is The New 2017’, Bitcoin Millionaire Says
Many analysts have predicted that soon after Bitcoin climbs above $9,000, it will not spend much time there. Tom Lee, has suggested that as Bitcoin approaches $10,000, it will reach full blown level 10 FOMO.
Already the latest bullish trend has been accredited to FOMO and as prices show promise of hitting all-time highs ($20,000), more and more will begin investing in Bitcoin. This hype saw Bitcoin reach $20,000 before and it is predicted it would see the asset achieve this if not more in the months to come.
Bitcoin millionaire and ‘wunderkind’ Erik Finman has recently made a prediction about Bitcoin saying that 2019 is the new 2017. While it’s true we might see the same sought of a dramatic surge, this time it will be much bigger. The world is much more adapted to Bitcoin and the push will be coming from both retail and institutional investors.