After a slight retracement on Monday, below the 5-figure market price, Bitcoin is now back on the upside trend on the table, displaying its usual parabolic rally. Bitcoin per-unit value has now revisited $10,000, and the cryptocurrency has now surged past it previous high for the year, reaching a new high, $10,300.
After opening the market today with a price of around $9,900, Bitcoin ballooned by over 4.5% today, abandoning the 4-figure price. Bitcoin rallied up testing the $10,300 and then went beyond.
At press time, a unit of Bitcoin is priced $13,257 with 3.95% value gained within the space of 24 hours.
However, the slight retracement Bitcoin saw at the start of the week after surging above $10K can be regarded as an attempt to regroup for more strength on the upside trend. Bitcoin is now above $10K, and this seems to be like the support level for the cryptocurrency for now.
In 2020 alone (less than 2 months), Bitcoin has surged by not less than 30%. In 2020, BTC busted through the $7,000, $8,000, $9,000 and $10,000 level. This year, not less than $3,000 has been added to the value of BTC.
Although TSLA is still ahead of Bitcoin in terms of year-to-date gain, the fact that the much-anticipated Bitcoin halving is around the corner is a great reason to believe that Bitcoin would likely go parabolic this year, reaching an unimaginable price level.
A number of analysts have also backed Bitcoin’s bullish trend, revealing when the cryptocurrency would likely hit $100,000 per unit value.