Bullish Bitcoin Price Nears $7,000 in Huge Rally, is $8,000 Next? ₿📊📈⚡🚀
The bitcoin price has climbed to $6,964 on the day’s peak in major markets like the U.S., recording a staggering 9 percent rise within 24 hours, bringing its one month gain to …
Bullish Bitcoin Price Nears $7,000 in Huge Rally, is $8,000 Next? ₿📊📈⚡🚀
The bitcoin price has climbed to $6,964 on the day’s peak in major markets like the U.S., recording a staggering 9 percent rise within 24 hours, bringing its one month gain to 23 percent and fueling the crypto market.
Traders were initially cautious about the near-term price trend of bitcoin as large resistance served as a potential roadblock for the asset to continue its upward momentum.
The bitcoin price has recorded a 9 percent gain in the past 24 hours (source: coinmarketcap.com)
The bitcoin price comfortably broke out of the $6,000 level, climbing to September 2018 levels at nearly $7,000.
What’s Next For Bitcoin?
Year-to-date, bitcoin has gained more than 84 percent, outperforming most traditional asset classes and commodities.
On Thursday, Adaptive Capital head of research David Puell stated that the bitcoin price has moved from a parabolic stage to vertical, raising the possibility of the bitcoin price rising from $6,300 to over $7,000.
“Price is not only parabolic, but vertical now. Shorts are still far from getting fully squeezed. $6.4k may activate longs from late trend traders, setting up the perfect blow-off to,” Puell said.
Following the break out of bitcoin over $6,000 and the substantial increase in its price on the day, global markets analyst Alex Krüger said that bitcoin is now in a bull market territory, with resistance found at $7,000 and $8,000.
A potential entry into the $7,000 to $8,000 range, which would allow bitcoin to recover to July 2018 levels, would require a strong stimulus to further fuel the momentum of the dominant cryptocurrency.
The valuation of the crypto market increased by more than $10 billion on the day (source: coinmarketcap.com)
“BTC now in bull market territory after an intraday blow-off top. R: 7000, 8000 S: 6400, 6000 Old levels not as valuable, hence why above 6400 only looking at round numbers as major resistance. Hou..
