Bitcoin Bull-Run towards $10,000 mark

Bitcoin’s current rally, which has passed $8,000 for the first time since May, has raised many traders’ expectations. Some analysts are forecasting a bull run towards $10,000.

Signs of recovery as negative news declines
In the past two weeks there have been strong bullish signals, the price has risen by over 20 percent and Bitcoin’s market dominance is also impressive, as it is at a record high in 2018.

This increase is seen by many crypto-enthusiasts as a possible sign of a recovery of the crypto currencies. Talking to Express.co.uk, Jordan Hiscott, Chief Trader at the UK-based Ayondo Markets, stressed that the negative news about crypto currencies had already peaked and would probably fade away.

advertorial

The next point is crucial, as long as we stay above $7,300, I think there is the possibility of rising towards $9,200 in the short term.

Bull-Run aims for the $10,000 mark
Hiscott’s optimism is not an individual feeling. Other experts have also predicted a strong performance that will count not only for bitcoin but also for crypto currencies in general. Matthew Newton, analyst at the global trading platform eToro*, has pointed to a break in the past and even named the $10,000 mark for Bitcoin:

The short pressure on the market after the pattern was completed caused some concern that we saw a repeat of what happened in April when Bitcoin was unable to break the $10,000. By overcoming these important barriers of resistance, history does not seem to repeat itself and there is a real strength in the movement. If Bitcoin can close over $8,000 today, we could expect to have a good run towards $10,000.

Another opinion that talked about the possibility of a run was David Sapper,  the COO of onlinebetrug. He believes that the interest of institutional investors could be positive news driving up prices:

This is an extremely exciting time for crypto currencies and blockchain technology with increasing interest from Tier 1 banks and financial institutions. Although it will take some time for these companies to implement their crypto plans, positive news within the crypto sphere will benefit the market and cause prices to rise like at Bitcoin in the last 7 days.

All three perspectives illustrate the growing enthusiasm and positive expectations. It remains to be seen whether this rally will last long enough to reach the expected $10,000 mark and stimulate another bull run.

Comments are closed.

Post Navigation