Bitcoin broke free from the $8000 market it had been restrained to on Sunday and shot all the way up to $8,750 to everyone’s surprise. The bullish momentum may have lost pace for the time-being but crypto experts are convinced that the number will only go higher with the week ending.
BTC Gain Catches All Unawares
When BTC crossed the $8,200 mark and then the $8,400 and $8,600 mark one after the other – investors believed that this was a ploy to trick bulls into thinking that the market would close strong at $8,400 i.e. the figure the market closed at amidst the bear market rally in mid-2018 and also where it double-topped in early-May.
It was beginning to be feared that BTC was going to scale back just as rapidly as it had climbed. However, these worries were put to rest when Bitcoin’s weekly candle closed at midnight with a significantly strong performance over the last week. LiveCoinWatch has stated that BTC is up 6.75% on the week.
Investors and crypto traders are now hopeful after this bullish end to last week that BTC may actually rise up to $9,600-$10,000. Noted analyst Josh Rager reinforced the same opinion. He said that the strong close indicates that BTC may actually move up to $9,600. He tweeted in favor of the same.
Tuur Demester of Adamant Capital is even more optimistic. He opines that if BTC continues with its current trend, it may rally by 40% or around $3,000 to reach $11,000 by the time June rolls around.
Is Crypto Winter Over?
The question on everyone’s lips now is this – Is Crypto Winter finally over then? If we are to believe Fundstrat Global Advisors, that may actually be the case!
Gustavo Fonseca loves anything digital and crypto-related which makes him sit up and pay attention. He got into the world of digital marketing and business digital transformation career in 2010. Some time later he got into Crypto, a dynamically developing segment at the intersection of the financial services and technology. Gustavo joined TheDailyCoins in September 2018.
