Well, each and every crypto trader who doubted the potentiality of Bitcoin this year must check their thought twice.
Sunday witnessed a new history as Bitcoin astonishingly touched the high that it had never attained since a year. It simply slammed past the threshold of $8,750 in an undeniably parabolic move.
Truth be told, the entire market almost though Bitcoin won’t be able to touch this high as it was already struggling to hold its $8,000 mark just an hour before this parabolic event occurred. It was also assumed by the majority of the market that BTC might exit the weekend trading somewhere near that threshold.
However, this doubt on Bitcoin’s price rapidly vanished as soon as BTC’s price suddenly surged more than $600 thus making it reach the new high of the year 2019. Moreover, the soar of BTC didn’t cease and eclipsed the $8,800 mark on Bitstamp shortly before press time.
Not just this but this surge also awarded Bitcoin with a green yearly candle. This simply is an indication to all those investors who purchased BTC a year ago that they can sell it today at an unimaginable profit.
It might have resulted in an alarming scenario for the majority of other bulls. This is so because many of the bulls will undoubtedly perceive BTC’s triumphant as evidence that BTC could challenge its December 2017 all-time high pretty soon.
Mati Greenspan, eToro Senior Market Analyst stated his own view while he said:
“The painful correction would afford us the opportunity to determine whether the crypto market had truly embarked on a bull run.
If the pullback does reverse now and we continue past the recent highs, there are virtually no major levels of resistance until $20,000.”