Bitcoin has made impressive gains over the past week. During the mid-April market boom, Bitcoin really led the way and proved its worth, jumping up by almost $1,000 in a matter of minutes. As Bitcoin is known to be a bit of a trend setter, this surge really set the rest of the markets off.
A couple of weeks ago, we spoke about why Bitcoin was struggling to breach $7,000. It was an almost endless game of cat and mouse, constantly chasing the tail of Bitcoin to see if it would ever get past the $7,000 mark.
Much to the delight of investors of course, Bitcoin has since breached that threshold, and has continued breaching ever since. Now, the new maintenance target for Bitcoin is $8,000. Well, I say target, now it seems however that Bitcoin has smashed that out of the water. It does seem, given the circumstances, that Bitcoin has finally made $8,000 it’s new home, with no sign of dropping significantly any time soon.
Over the past week, we have seen Bitcoin stoop below $8,000 on just a few small occasions, during this time it has made a quick recovery back to $8,000.
Where does Bitcoin stand at the moment?
At the time of writing, Bitcoin is valued at an impressive $8,333.58, up 1.78%. This value is just short of the height of $8370 which Bitcoin achieved during the market surge last week. Therefore, the $8333 mark, off the back of a week of steady progression, is a sign that Bitcoin is now on its way past that height, and could even reach $9,000 soon.
The trends we see are of course pointing to another bull run, something that experts have been predicting since last weeks market surge. Many expected that the surge was the start of something far bigger. Either way, it has paved the way for a week of steady market improvement, a lovely contrast from the doom and gloom which resonated last month, remember that?
I must point out that this point, Bitcoin is performing far worse than its rivals at the top of the market, many of which are making gains of more than 5% at the time of writing, however, we should expect Bitcoin to catch up over the next few hours, should the markets continue within this healthy jump.
What happens if Bitcoin reaches $9,000?
Well, investors will be happy, that’s for sure. Lets not forget though, for a currency with the potential to reach $19,000 again, $9,000 isn’t even half way there. Experts are predicting that Bitcoin will reach $25,000 this year. It is indeed possible, due to it’s high value, even small percentage rises see big jumps in Bitcoins value, so, if the climate is right then yes, indeed, Bitcoin could reach $25,000, sometime this year.
For now, $9,000 remains at Bitcoins next target, once Bitcoin proves it can maintain itself above this figure, as it has for $8,000 then naturally the next step will be $10,000. Once we hit $10,000, things may become rather interesting.
Please remember, this is not investment advice, cryptocurrencies are risky, the markets are volatile, whilst things look good at the minute, next week could literally bring anything. Stay cautious and trade well!