Summer is here, the world of cryptocurrency is witnessing a sunny day after the Long “crypto winter” (a bearish period for cryptocurrency). With the beginning of crypto summer, we are starting to see bullish trends.
Finally, we have positive news about the king of crypto-currencies: Bitcoin. After months of low and FUD, it seems that the market is finally rising. After a protracted period, Bitcoin rebounded from the support level and developed a new strong uptrend breaking its long-term resistance to hit $6000.
In recent weeks, traditional societies have shown growing interest in cryptocurrency. Fidelity is preparing to offer cryptocurrency trading services to its institutional clients, which could allow more investors to hold bitcoins, potentially raising its price.
With bitcoin surging above the $6000 Mark, the energy is back in cryptospace, the community is visibly optimistic with this powerful uptrend. This level has been closely monitored for a while.
A rebound at this technically significant price level has long been expected, and many speculators are desperate to enter the market. In an interview with Forbes, Tim Enneking of Digital Capital Management is extremely confident that a clear break will lead to further gains in the original digital currency. He said:
“6k will probably [be] a tough nut to crack, but once it definitively falls, there will almost certainly be a strong surge higher.”
Not Just Tim, John Todaro, TradeBlock’s director of digital currency is also holding the same sort of opinion on Bitcoin price surge, He said:
“The market over the past 1-2 months has seen significant upward momentum and has brushed off numerous negative headlines within the space. If we break above the $6,000 level, we could continue to trade higher as momentum builds and negative news reports have a limited downward impact.”
While some experts are optimistic, that Bitcoin will reach $20000 mark soon again, Wall Street legend Mike Novogratz expressed his positive outlook on Bitcoin in an interview with Fox Business, Novogratz expects BTC/USD to be back to its historic highs of $20,000 within 18 months.
Wall Street legend Mike Novogratz betting big on bitcoin https://t.co/bp4DBUKE09
— Liz Claman (@LizClaman) May 8, 2019
What’s Next $6400 or $5900?
The increase in the price of bitcoin was long predicted by cryptoanalysts and experts, many experts mentioned bitcoin would surge to $6400 if BTC/USD bulls can successfully breakout resistance of $6000.
According to an Analyst on trading View, On the 1-hour chart, the leading crypto striked to $6,000 and consolidated above this crucial resistance level. Accordingly, a new support area at $5,950 has been formed.
Applying the technical patterns to our graph, MACD shows the bullish wave since yesterday. However, as it usually happens, traders should expect a little correction before moving higher. In this case, a rollback to the support level may happen, and then buyers will push BTC up to $6,100 until the end of the week.