Bitcoin Price Rallies, Bitcoin Bulls Set A $10000 Mark
During every crypto winter, there are those that hold steadfast in their optimism. Message boards are flooded with happy messages that the “moon” for Bitcoin is close to hit, and that a bull market is sure to hit soon.
The recent price crash and subsequent bear market this past month is no exception to this consistent trend within the cryptocurrency investment community. There were many voices shouting that Bitcoin is sure to rise once again to over $10,000.
Bitcoin has risen over 20% in the last week alone, climbing from $6700 to over $8,100. Consequently, the market has seen increased participation and a spike in overall excitement regarding investment in the cryptocurrency. But in order for Bitcoin to take this small bullish run and turn it into a mighty jump to $10,000, there needs to be even more excitement and movement in the market.
As prices have begun to climb relatively quickly, some analysts are predicting that $10,000 is no longer just a pipe dream reserved for the happy-go-lucky investors in the crypto markets. Instead, the senior analyst at firm eToro has expressed his optimistic prediction that Bitcoin will likely hit ten grand by the end of the year.
Matthew Newton, an analyst at global investment platform eToro, has pointed to a break in past price patterns and even mentioned the $10,000 mark for Bitcoin as something that is within reach:
“The short squeeze on the market that occurred after the pattern completed, caused some concern that we were seeing a repeat of what happened in April, when bitcoin failed to break $10k.”
“By soaring past those key barriers of resistance, it would seem history is not repeating itself and there’s real strength in the move. If bitcoin can close above $8,000 today, we could assume that we may have a good run toward $10,000.”
Much of the current bull run being experienced is being attributed to rumors that BlackRock was preparing itself to invest in the various virtual currencies. According to unnamed inside sources, BlackRock Inc., the world largest ETF provider is gearing up a team to evaluate virtual currency and blockchain technology investments.
David Sapper, the COO of Blockbid. He believes the interest in the space from institutional investors could be positive news that raises prices:
“This is an extremely exciting period for cryptocurrencies and blockchain technology with increased interest from Tier 1 banks and financial institutions. Although it will take time for these companies to implement their cryptocurrency plans, positive news within the crypto sphere will benefit the market and raise prices as seen with bitcoin in the last 7 days.”
Rarity is something that normally increases value and Bitcoin is no exception. The only downside is that if Bitcoin’s price continues to show high levels of volatility, it is unlikely to be used as a safe store of value. In bear markets, like the one that has (hopefully) just finished, investors are likely to put capital into assets with a stable price.
Bitcoin $10,000 would be very welcome in the crypto sphere, but for a long-term future, BTC needs to demonstrate a bit more price stability.
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