BTC Reaches 13-Month High & Isn't Slowing Down
Bitcoin (BTC) has been making steady gains for the past few months. Its price went from $3800 in January and quickly broke the $5000 resistance point in April 2019. It later broke the $8000 mark in mid-May 2019. Bitcoin's recent dramatic rises have been noticed by many (us included) who have referred to it as the end of "crypto winter".
It appears that they may have been correct. Earlier today Bitcoin reach a 13 month high of $9300 and it shows no sign of stopping. Bitcoin's price retraced slightly as it reached $9300 only to return to $9235, where it is trading currently. It appears that Bitmex CEO, Arthur Hayes's prediction will likely be fulfilled. Bitcoin reaching $10,000 in 2019 is not at all far-fetched at this moment in time.
The last time Bitcoin's price was this high was May 7th, 2018, when its price was slowly tumbling from its all-time high of $20,000. The difference is that now, most public sentiment of Bitcoin is positive, and it appears that the trend is upwards.
Where is Bitcoin heading?
It appears that cryptocurrency market sentiment is very
positive at this point in time. Many on Twitter and Reddit are very positive about Bitcoin's future.
While the $10,000 mark might be a tough
resistance point to break, it seems very possible. Psychologically $10,000 is a
big sell off point for many traders, although FOMO might cause them to hold on
to their funds & not sell. If Bitcoin breaks $10,000 in the near future,
$15,000 and $20,000 might not be that further off. In 2018, Bitcoin went from $10,000 to $20,000 in roughly two weeks.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado