Just a week ago, we where all starting to plan for a future in which Bitcoin would never reach its less-than-ambitious target of $7,000, yet in an instant, on Friday the 13th of April, that changed.
Whilst Friday the 13th is supposed to be a day of bad fortune, Friday the 13th of April 2018 seemed to deliver just the opposite. In fact, it didn’t just offer good fortune, it offered great fortune.
In terms of Bitcoin, in just an instant we saw Bitcoin jump from $6,869, to £7,738, making gains just short of $1,000 in a matter of minutes. This trend, kickstarted a bull run within the markets in what has been referred to as the mid-April market surge. The surge, saw all of the major currencies make huge gains throughout the end of the week and into the weekend. Some correction has now occurred, reducing hype and bringing progression to a much more realistic pace, with that in mind however it looks as if Bitcoin won’t settle below $8000 now, this is a huge step forward.
$7,000 was the target Bitcoin needed to maintain at in order to give some hope back to investors, now, in light of this recent success, $10,000 is looking to be a far more realistic prospect. Then perhaps finally, $20,000 might be back in Bitcoins cross hairs once more.
How does Bitcoin stand now?
So, this morning, the 16th of April, the markets are varying, Bitcoin however is making slight progression. At the time of writing Bitcoin is valued at $8,112, on a rise at a steady 0.35%. Okay, so this aren’t huge gains and Bitcoin is rather close to the $8,000 threshold, but even a small dip below $7,000 will be easily recoverable, a much brighter outlook for Bitcoin than we have been seeing over the past few months.
What is going to happen this week?
Obviously, we can’t truly guess the behaviour of the markets. Many are predicting a second bull run with experts claiming last weeks events where just the start of something much bigger. Of course, if another surge occurs then we will see a drop at the tail end of it. But, if Bitcoin performs as it did last week and fathoms an ability to jump almost $1,000 in a matter of minutes then Bitcoin could hit $10,000, quite easily.
Bitcoin is an important currency, it sets the way for a large proportion of the market so, if another run does occur, we know Bitcoin will be positively influenced by it. This isn’t saying that Bitcoin will certainly hit $10,000 this week. What we are saying is that, if the experts are right and everything goes as ‘expected’ then the $10,000 target for Bitcoin is very realistic.
For now, solid maintenance at around $8,000 tells a very attractive story for Bitcoin and Bitcoin investors. It does seem however than from here, the only way is up.