Bitcoin (BTC): Are The Good Times Back?
Bitcoin (BTC) bulls have taken the beast by the horns and the results are beginning to show. After a lackluster show for much of the year, the leading cryptocurrency is looking to set the trend once more.
At the time of writing, BTC was trading at $9750, up by 5% over the last 24 hours as well as over the last 7 days.
Its market cap is now $165 billion and has had $9.8 billion worth of BTC traded in the last 24 hours. However, this is still short of the $10.2 billion traded on May 3, 2018, when its price shot up to a new high of $9789 before falling back to close at $9743 against USD.
Bitcoin’s price surged on Thursday, rallying to break a key resistance level at $9,200 and then sustaining the push to reach the above two-month high price.
At the moment the coin has a new support base at $9640, and there must be further pushed by the bulls to consolidate support above $9800 going into the weekend.
There are suggestions that the coin’s immediate outlook is bullish and another great break out could be on the horizon. However, the momentum displayed yesterday by the bulls need to be replicated today and over the weekend for it breaks a new key resistance level at $10,450.
A confluence of market sentiment, bullish predictions, and future possibilities may have contributed to this. Now it’s looking like it could attempt to go for the $12,000 price level before the weekend.
From here, if the bulls will still have their way, then we could be witnessing a huge breakout. Quite possibly, BTC could go on a mini-rally, especially if an injection of positive news hits the market over the weekend and early next week.
Bold predictions for Bitcoin
While this is happening, more and more Bitcoin bulls are calling out their predictions for the year. Reddit co-founder Alexis Ohanian who has predicted that Bitcoin could reach its all-time high price of $20,000 again before the year ends.
This is similar to the thoughts of Tim Draper, cryptocurrency enthusiast and popular venture capitalist who perhaps made the biggest call so far. After calling it out that Bitcoin was on its way to becoming bigger than the internet.
For his long-term price prediction, the outspoken entrepreneur said that BTC would hit an all-time price of $250,000 by 2022.
There have been other similar calls, though the dissenting views have also been quite vocal.
But bold predictions haven’t been the only news surrounding Bitcoin. There’s talk of the elite having taken note of the crypto and its potential in the future. As such, the cryptocurrency industry has been keenly watching movement within trendsetters in the financial and markets industry.
The huge anticipation has come from an expectation that wealthy business people and other tycoons could be about to splash the dollar into cryptocurrency.
Such big names include the Winklevoss twins, the wealthy owners of the Gemini crypto exchange. Others are George Soros, Goldman Sachs, and Rockefeller’s Empire.
People love Bitcoin
The way Bitcoin has captured the attention of the world beats all the other cryptocurrencies. And it shows as more people work hard to get their hands on the crypto. The surge in Bitcoin happens even as it emerges that one Chinese investor has amassed 10,000 Bitcoins.
Cai Wensheng, the founder of popular Chinese photo app Meitu, is said to have bought the BTC during the dip that gripped the market between January and early April. He says he started buying the coins when its price hit the $6,000 level in February. The entrepreneur said that:
“I only had single digit unit of bitcoin, just for fun in January. But when I got certain that bitcoin and blockchain is the future, I set the goal of holding 10,000 bitcoin. So I started around the end of January to build my [holdings] following the price decline. The more it dropped, the more I bought in and now the mission is basically complete.”
The positivity around Bitcoin (BTC) at the moment could be all that crypto needs to rally again. The question to ask maybe is that: “Could we see BTC hit $12,000 before the end of the weekend?”