Market analysts expect that the price of Bitcoin will rise again, giving momentum to revitalize the global cryptocurrency market which collapsed last year.
Upward trends for BTC
Bitcoin has seen a rise in value by more than 30% in just two weeks, while traditional financial markets started losing strength because of trade tensions between Iran, China, and the US. Market analysts are anticipating the current surge in price to come with steady growth, in comparison to previous rally attempts.
Hours after jumping 25% on Monday last week, Bitcoin continued its rally, adding as much as 5.9% the following trading day. These up moves have assisted in pushing the currency's market cap to nearly $250 billion, which has not been seen since last August.
Other major cryptocurrencies are following BTC, maintaining similar trends: Ethereum and EOS are rising over 4%, Bitcoin Cash - 6% and other crypto rising as much as 11% in the day.
Last week's growth came just a couple of days after BTC got through $6,000 mark, a critical resistance level at that time. In the current market scenario, BTC owners don't seem to be selling as they expect the rally to continue. BTC now represents approximately 60% of the digital money, in regards to its market cap. Moreover, due to this new uptrend and the potential for higher gains, more people are interested in purchasing crypto.
Market analysts are giving tips for crypto investing, as most agree that we may see a pullback to support levels before BTC rallies start again. Nonetheless, most exchanges and trading platforms are reporting record levels of transactions, which is a clear sign that the market movement is driving the bullish breakout.
Analysts have forecasted that this rally, could take bitcoin right back above $10,000, adding that $10, 000 will soon be a fixed base for BTC.
BTC has come back
Slowly but surely Bitcoin is making a comeback. All signs are positive that Bitcoin will hit $10,000 mark sooner or later again. Tech giants like Facebook are entering with massive investments in crypto and blockchain. This, of course, is extremely positive for BTC.
There is no clear clarification concerning why Bitcoin hit a 10-month high last Monday. Be that as it may, some attribute it to the blockchain and digital currency Consensus conference held in New York. Whatever the reason, one thing is clear: this time rally seems different than the previous. Bitcoin could soon be making new highs.
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