Few hours ago, Bitcoin was exhibiting notable surging strength to break challenging resistance levels. Crypto fans and investors want continuous price uptrend of BTC. There are predictions of parabolic movement from bullish forecasters, while bearish pundits also air their opinions.
However, considering the surging trend of 259% it underwent after the last significant bottom, another move like such could take Bitcoin straight to surpass $40,000 resistance level, which is absolutely what BTC suitors and maximalists wish for.
Bitcoin has since made $10,500 its support level. BTC had tested above $11,000 more than twice, but later retracted after losing strength as it tried to maintain the support. Bullish forecasts flood social media, especially Twitter.
Analysts continue to make their stances known, believing that Bitcoin’s advancement into 5-digit price might be a permanent experience.
During this specific parabolic run, there has been increase in buying pressure. Those who didn’t grow investment interest initially began to make their investment conviction known, just to avoid the Fear of Missing out (FOMO), peradventure things play out as predicted.
Bitcoin has currently surpassed $11,000 resistance level, but no one knows how long it would last above it. Other cryptocurrencies have recently been reluctant of following the surging trend of BTC. Only Tron (TRX) is presently displaying resilience in the market by overthrowing both Cardano and Stellar to occupy 10th position in terms of market capitalization.
Despite all these surprising shows by Bitcoin, some bearish analysts such as Tone Vays still expect 40 or 50% price correction, which would make BTC maintaining its higher prices trustworthy, if not, there could be reoccurrence of 2018 bear market, once it hits another significant price level.
Nevertheless, hope is still quite high in the crypto space as Bitcoin price continues its upward trend. At the time of filing this report, BTC is trading at $11,034.10, with $2.78% price upsurge in the last 24 hours.
Could Bitcoin (BTC) Make Another 259% Price Upsurge To $40 ATH?
The bear market experienced in 2018 was historical and so devastating, especially for those who invested in Bitcoin when it was at its peak price. The crash left the cryptocurrency space battered. The bear caught all altcoins, none could escape it.
Bitcoin quite lost its manageable popularity, as if it will not rise again, but 2019 started as a good year for BTC and some altcoins. It keeps recording new highs, as more capital and institutional investors started to plunge in with enormous investment.
The interest and investment of trustworthy organisations keep redeeming the supposed battered image of Bitcoin (BTC), giving retail investors a bit of assurance about its future.
Bitcoin has experienced 259% since its last bottom. Another move of such could take its price to surpass $40,000 resistance level. Such price could be distinct, but it’s achievable if BTC can maintain its surging course without a notable price plummet.
Some crypto analysts believe Facebook’s Libra will give Bitcoin the necessary global exposure needed, which would aid BTC’s growth in terms of adoption and price. Hence, any price beyond $40,000 could be foreseeable.
Peter Brandt Believes Bitcoin Aims At $100,000
Peter Brandt, an experienced trader and Bitcoin maximalist remains resolute that the digital currency is on its fourth parabolic phase, which would take up to $100,000.
He pointed that the price upward trend continuously exhibited by Bitcoin beats his imagination despite the experience he has garnered over the years.
Read his statement below:
“Bitcoin takes aim at $100,000 target. btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”
In conclusion, Bitcoin has not relented in the crypto market. Whether it will prove the doubters wrong or right will be determined by time. No price peak is impossible and vice versa.
