When Bitcoin was finally able to reach the $10,000 mark, investors were glowing with joy. Not only was this a certified sign that the crypto winter had ended but... Bitcoin had hit $10k! What more do we need to say!?
With the leading cryptocurrency rising above and beyond diving further into five-figure territory, it is very possible that something even greater could happen just around the corner.
Tom Lee - CEO of Fundstrat - predicted that when Bitcoin hit the $10k mark, FOMO would kick in for investors and spur on a major rally in a similar sense to that of 2017s bull market.
“Taking a step back, with $BTC #bitcoin at new 2019 highs, don’t those old highs look like a few FOMO days away?
Crypto winter is over…”
Even Tyler Winklevoss, the co-founder of the Gemini exchange and one of the original Bitcoin billionaires, said last week that when Bitcoin hits $10k, it is but a matter of time until it hits $15k.
If bitcoin breaks 10k, you can bet it’s going to break 15k...👍🏻🚀— Tyler Winklevoss (@tylerwinklevoss) June 19, 2019
Traders typically use the Moving Average Convergence Divergence which helps them follow the path of a trend and keep an eye on its momentum.
In a separate analysis, they say:
“A cross of the fast line, the 12-month exponential moving average—above the slow line, the 26-month exponential moving average, indicate a shift in momentum suggesting that an upswing is likely to come. Conversely, when the 26-month EMA crosses above the 12-month EMA, a correction could be expected.
Following the high of December 2017, when Bitcoin hit almost $20,000, it went through a deep correction that started in early January 2018. I began making lower lows and lower highs with the MACD to having a bearish crossover in July. Five months later, BTC broke below $6,000 to reach a low of $3,150 by the end of 2018.”
Ever since the start of this year, Bitcoin has gone through more than a 220 percent increase which has seen value come back in the market, kicking it over $10k.
The 40-year trading expert, Peter Brandt explained that the way the market valuation has surged in such a way. He based his thoughts on a one-week chart which led him to believe that its ten-year tenure can be divided into three parabolic advances.
“The first one started in July 2010 when it was trading around $0.05 and reached a high of $24.15 in January 2011; the second parabolic move took over two year to develop from the low of $2 on October 2011 until the high of $1,142 on November 2013; and the third upswing was the most recent one that began in January 2015 taking BTC from $164 to $19,770 by December 2017.”
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. pic.twitter.com/wE4j3riMgI— Peter Brandt (@PeterLBrandt) June 22, 2019
The bull market seems to be well underway at this point. With Bitcoin hitting five figures, it’s hard to avoid such a big bullish sign. Some analysts think that this will be a short-lived bull run whereas others believe we could see new heights above $20k.
Max Keiser is one of the latter who said this over the weekend:
“$28,000 still in play. #Bitcoin”
Today was another exciting day for cryptocurrency as Bitcoin made further gains which saw it hit the $11k key resistance level. This movement seems to be encouraging the altcoins to make the move upwards too.
It will definitely be interesting to see how this all plays out in the grand scheme of things.