WIth a recovery underway, we remain optimistic that finally, we could soon see Bitcoin hit $9,000.00 once more, possibly as soon as this week.
Through an analysis of historical figures, we know that after periods of downtime, Bitcoin is well known to shoot up. Markets are driven by emotion, buying behaviour is driven by just that too, so, as Bitcoin prices drop and people buy in, a knock on effect in turn will cause Bitcoin to rise.
Though none of this can be guaranteed, a $500.00 or so rise would see Bitcoin hit $9,000.00 quite comfortably.
At this point, it is quite important that Bitcoin manages to maintain at that figure, we understand that $9,000.00 may provide some solid resistance. Given that Bitcoin is a cryptocurrency with the power to shape the rest of the market, resistance here may pass down through the rest of the markets and halt the overall progression of cryptocurrency. Now we must note here that even hard resistance is of course only temporary. This point will be breached eventually, it’s just a matter of when and thankfully, not if.
If we see Bitcoin hit $9,000.00 this week, it will most probably be down to correction and the markets trying to balance back out after the last extended period of back pedalling. During this, we did see Bitcoin dip just below $8,000.00, however since then it has moved nicely away from the edge.
At the time of writing, Bitcoin is valued at $8,505.15 and is up 1.90%.
At the very least, with these figures in mind we can be optimistic about cryptocurrencies going into the end of May. April was an incredible month and did give us much promise for how the markets would perform in May, we expected some big things to take off that unfortunately, failed to actually do so. If Bitcoin can leave May, reaching values of $9,000.00 we can at least be hopefully that perhaps June will be the month in which we finally see Bitcoin reach $10,000.00 and beyond. This would lead us quite nicely into Q3, in perfect time for another cryptocurrency boom, as I’m sure you’ll agree.