After a year of failure, 2020 finally brought good (great?) news for Bitcoin. The leading cryptocurrency by market volume has soared to new heights, bringing back memories of its outstanding run a few years ago. The past few weeks have seen Bitcoin on the rise and constantly testing the $10K mark. It finally broke through after a few unsuccessful events to the delight of thousands of traders.
Currently going for $10,333, this is the first time we’ve seen Bitcoin shoot that high in around a year. The bearish trend is finally broken and bulls are starting to drive the market after the $10.2K mark. That’s all good news for Bitcoin and traders, although some experts are warning that putbacks are imminent. Bitcoin owners, however, won’t let them rain on their parade.
An Upward Trend with Support at $9.8K
Bitcoin’s bullish momentum has been revived after the $10,200 resistance was broken. There are concerns that a putback and reversal in the near term are possible, but according to some experts, putbacks are expected and necessary for the price to continue to soar. Such is the nature of a bullish market.
It’s all great news for Bitcoin traders who will surely like to see the leading cryptocurrency shoot even higher. All technical indicators show that Bitcoin could go for $11,000 if it breaks the $10,900 resistance. Once the gates are open, it could easily shoot up to the $11,600-$11,900 range. That would be the cryptocurrency’s highest point in a long time and will surely bring back memories of the meteoric rise a few years ago. This time, however, Bitcoin is in a much better position.
The tremendous run that started at the beginning of the year gave birth to strong market capitalization and put Bitcoin where it belongs once again. New highs are expected to follow, especially now that China has admitted it plans to use Bitcoin in its belt and road initiative. If the blockchain technology aligns with it as expected, Bitcoin will truly be worth gold.
Swift progress in the cryptocurrency area is widely expected with many countries open to the idea of bitcoin. Germany, for example, already has banks applying to offer crypto services such as custody, and other countries are joining the fray. This will have a positive impact on the decentralized currency and may lead to a new era of digital banking.
What’s Next?
The bullish scenario is a given for Bitcoin in the coming months. Consolidation is expected before the continuation of the trend. Experts are adamant that Bitcoin can easily break the $10,400 resistance that would drive the price up. Such a scenario is expected in the next day or two. Even if it fails, the reversal will give even more momentum to bulls to move forward at blistering speed. Additionally, experts believe that the Coronavirus epidemic could send Bitcoin flying forward – this might be the boost it needs to soar to record-breaking heights.
Everything points that Bitcoin’s amazing run is far from over. $11,000 is next in line and who knows what could happen next? Everything is possible in a bullish market, including a repeat of Bitcoin’s epic 2017 run.