For the first time in a number of days, Bitcoin has finally reached $7,500.00. This is most significant when you consider that very recently, we had to deal with the fact Bitcoin came very close to breaching below $7,000.00, last time this happened we saw an extended period of resistance that in turn crippled the markets. By remaining steadily above $7,500.00, we can expect that, if, a market surge or bull run does take off, Bitcoin will see a jump past $8,000.00 with ease.
Throughout the day, we have seen Bitcoin sustain around figures of $7,450.00 plus, which means that finally Bitcoin is proving its worth at this level. Of course, Bitcoin is still well undervalued but overall, balancing out at $7,500.00 is far better than it could be right now.
At the time of writing, Bitcoin is valued at $7,521.64, up 1.05%. Granted, this current trajectory isn’t the mark of a massive incline, however, we must consider what this could mean going forward.
We have seen market-wide gains for around a day now, suggesting that what we are seeing now, may very well be the start of a much larger market surge, or a bull run. Of course, this could be down to correction and indeed, the bear market may take hold once again, however as it stands, we remain optimistic that this could be the start of a small surge, that could in turn lead to a recovery for Bitcoin, moreover, it could also lead to an all-out bull run, which could see Bitcoin move back up to $10,000.00, as (almost) recorded just a few weeks ago.
According to CCN:
“The mid-term trend of the bitcoin price still remains bearish, and it is possible that BTC dips below the $7,000 region before initiating a major bull run or a strong rally. If BTC breaks through the $7,600 mark and continues its run towards $7,800, the start of a proper mid-term bull run is likely, but if BTC fails to sustain momentum in the $7,500 region, BTC will likely move back down to the lower end of the $7,000 region and eventually to mid-$6,000.”
See more from CCN for yourself, here-
So, what next?
Assuming Bitcoin can keep up this pace for another couple of days then, we might very well see a bigger surge take over as we enter June, this is something that is sure to bring some optimism to the markets. If Bitcoin jumps up, the markets will indeed follow and thus we could expect to see a market-wide recovery take hold.
For now, we need to wait and see how Bitcoin performs around this crucial figure. The better it does, the more likely we are to see a big market surge. However, bear in mind that as I have mentioned, this could just be a temporary blip and indeed, Bitcoin could continue to move back down as we enter a new month, a thought many investors may want to avoid for the moment.