Bitcoin Cryptocurrency

Bitcoin Minor Resistance at $17K Fresh Historical Revelation Says $500K Is the Peak

Bitcoin BTC Bull

Although many like David Gockshtein, a member of Forbes Financial Council, are still waiting for Bitcoin to cross over $10,000 barrier to ascertain a rebirth of the real FOMO and begin partying, but it is crystal clear that pessimists in the market have been shut away as Bitcoin shows more strong momentum on the daily chart.

However, an Ethereum market expert proclaimed that Bitcoin’s obvious resistance is $10,000, afterwards, a minor resistance lies around $17,000.

The call for the bottom has ended, and the market is yet inundated with searches for the peak value as Bitcoin continues to break psychological resistances. Bitcoin, after hitting a new 2019 high with a tremendous momentum that took it above $9,700, saw its largest daily rise (5.01%) since June 4.

The gigantic rally the king of cryptos is possessing in the market has made its present price just a step away from the $10,000, and it is glaring that if Bitcoin continues with this momentum, it will edge past the $10K value in couple of hours even though it has been noticed recently that the crypto asset takes a nap after every slight surge.

Bitcoin Minor Resistance at $11,500, $14,200, and $17,000, Major Resistance at $20,000

Nearly all traders in the financial market have applauded Bitcoin in its recent rally, rating it as the best performing market assets for the year 2019.

After the fresh upsurge that placed Bitcoin above $9,600 resistance level, an Ethereum technical analyst averred that Bitcoin’s apparent resistance level is at $10,000.

The expert added that after $10K, he sees a minor resistance at $11,500, $14,200, and $17,000, and a succeeding major resistance at $20,000 which will make Bitcoin break its previous high.

Historical Revelation Says $500K Is the Peak for This Cycle

Despite the oversize rally which made Bitcoin cover larger price margin within a short duration compared to the previous parabolic move in 2017, people still find software expert John McAfee’s $1 million price prediction ludicrous.

However, a fresh revelation which holds onto history declared that the peak of the present cycle could be above $500k.

The update stated that Bitcoin has just pierced the bearish cloud on the weekly, and the last time this happened for the first time after the end of a bear market, Bitcoin price rocketed by >5000%.

Furthermore, the chartist who made the revelation said just as $20K price sounded unrealistic in 2017, a $500K peak price for this cycle would also look unbelievable even though it is very likely if history repeats itself.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Khalid Lawal

Lawal Khalid is an avid entrepreneur and a peace advocator. He takes time developing expertise in journalism, and he has significant contributions at Arianna Huffington's Thrive Global, Oracle Times, Coin Gape and a host of other notable news publications.

Owing to his long time interest in innovative technology, Lawal cut into the blockchain world, and he has been unearthing meaningful investigation as well as noteworthy blockchain researches.

Khalid sits at the helm of NewsLogical.com as a full time journalist and a senior market analyst.

Email: lawal.khalid@newslogical.com

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