This is the wild wild Bitcoin (BTC), on yet another unpredictable path, where its value could shed or gain thousands of dollars almost overnight.
But bullish it is, and fear of missing out (FOMO) is at near peak levels, but will the BTC price hold?
Path to $10k
Ethereum World News said the Bitcoin (BTC) has finally broken out of an ascending triangle pattern it has been stuck in for two weeks now.
“A number of recent analyses have suggested that all things considered, Bitcoin still has room to run from here, despite its absolutely monumental performance in 2019 so far,” said EthereumWorldNews.
Analysts are eyeing $9,600 to $10,000 for the BTC.
NewsBTC said the crypto market has experienced eccentric behavior in the past 24 hours. Bitcoin (BTC) popped up by 8%, as per CoinMarketCap.
Data aggregated by CoinMarketCap shows that Binance has processed over $3.07 billion worth of cryptocurrency trades in the past 24 hours, suggesting retail interest is coming back into the market, and bodes well for the ongoing rally, as strong volume is needed to drive this market.
Can BTC keep the $10k level?
EthereumWorldNews said once BTC hits the region of $10,000 though, a pullback may just be inbound.
Commodities trader Peter Brandt noted that Bitcoin may soon come to screeching halt. Brandt, who earlier this year called for BTC to potentially establish new all-time highs over the long run, noted on Sunday night that his target for BTC is $9,321. Once it hits that level and once “sold-out crypto bulls capitulate”, he expects for a “more sizable correction” to occur, killing the current influx of FOMO and senseless hype.
A correction may be coming. Trader Walter Wyckoff expects for BTC to locally top out at $9,800 then experience a 40% correction to $5,800.
Recently Bitcoin (BTC) has started growing, and it has reached the highest point in intra-day since 11th May 2018. Since the starting of the year 2019, the coin has inflated by 140%.
A total of 17,724,800 BTC coins are in current circulation, says Cryptonewsz. It estimates the current BTC market cap as on 27th May as standing at $154.6bn
“The lowest point of the coin was on 07th February at $3314.6. On 25th April, the coin started growing, and in just 20 days, Bitcoin (BTC) managed to gain 59.65%. The BTC market cap on 27th April was $92.7bn, and the value of each coin was $5171.6. The current market cap and the value of each coin are respectively 66.69% and 70.10% more than the figures for last month.
UK’s The Telegraph said in the final weeks of 2017, Bitcoin’s price was rising at a seemingly inexorable rate
Worth less than $1,000 at the start of 2017, the digital currency’s price climbed to $7,000 by November, $10,000 by December, and came close to $20,000 shortly before Christmas.
The total crypto market cap is currently placed nicely above the $260bn support area.