Bitcoin investors were happy to find yesterday that BTC's bulls have come out swinging and are now pushing the cryptocurrency prize at the psychologically critical price level of $ 10,000, which is just a hair above the current price.
Although it's short-term Bitcoin is definitely bullish, in the long run it's incredibly bullish, and a chart even points to the possibility that it will once trade at $ 500,000.
Bitcoin climbs to $ 9,850, but Faces Some Resistance
At the time of writing Bitcoin trades by more than 5% at the current price of $ 9,850, which is significantly increasing from the 24-hour lows of $ 9,300.
This massive upward momentum marks a continuation of the buying pressure that BTC first encountered in early April which led to a rise from low of $ 4,000. It is now clear that cryptocurrency is currently in a bull market, but for it to increase higher, it is critical that it breaks over $ 1
Later yesterday, encrypted quickly rose to heights of $ 9,900, where it faced some levels of resistance that pushed it down slightly.
Big Cheds, a popular cryptocurrency analyst on Twitter, talked about the resistance that lies between BTC's current price and $ 10,000, and notes that bulls must decisively push the price over $ 9,948.
"$ BTC #Bitcoin Daily – Moves like a champ – To hit $ 10,000, this should break May 5, 2018 high at $ 9948," he explained.
– Big Cheds (@BigCheds) June 21, 2019
Analyst: Don't Be Surprised If BTC's Overrun Exceeds Expectations
Although $ 10,000 remains a short-term battle for BTC, in the long run, it may have significant additional gains in the store and a chart indicate that a move to $ 500,000 is not only possible but likely
HornHairs, another popular crypto analyst, shared an overwhelming bullish expression in a recent tweet and explained that if the next German movement reflects it in 2017, Bitcoin could soon jump far past its previously established all-time highs.
"The last time the price pierced the bearish cloud on the weekly for the first time after the completion of a bear market, the price rose to increase> 5000%. Should history repeat, it would appreciate $ 500k at the end of The next cycle, it sounds ridiculous, but it also made $ 20k, "he explained while referring to the chart below.
The last time the price went through the bearish cloud on the weekly for the first time after the completion of a bear market, the price rose to> 5000%.
Should history repeat, it would cost $ 500k at the end of the next cycle.
– HornHairs 🌊 (@CryptoHornHairs) June 21, 2019
Although it is too early to be excited about the possibility of one day being a $ 500k Bitcoin, in the short term it seems like the bulls are in full control, which probably means the world will soon see BTC again breaks into the five-figure prize region.
Highlighted Shutterstock image.