For the first time in six months, Bitcoin has soared above $6,000. This is a key position of which it slipped below towards the end of last year, marking the start of the “crypto winter“. By getting above this psychological position, this could be the best sign that the bulls are back and the bottom is in.
In addition, given the bulls track record from the last couple of weeks, it seems there is no stopping them. The year 2019, as predicted by many experts, could be the year that Bitcoin hits its all-time high of $20,000+. Furthermore, in 2019, the price move will not be majorly boosted by market hype like in 2017, this time, the bull run will be more valid and could see prices outperform 2017 results.
Bitcoin (BTC) Bulls Ignoring Binance Hack News
The most surprising thing about Bitcoin’s recent surge is that it comes in the wake of a hack. Binance exchange, arguably the largest crypto exchange in the world has in the last couple of days reported a hack of their hot wallet.
The exchange announced that around 7,000 BTC, valued at around $40 million, was stolen. Though following the announcement Bitcoin took a short dip, this has not deterred the bulls from their upward movement. This could be a sign of maturity from the asset given such news a year ago would have sent investors in a frenzy and triggered a massive sell-off.
This time though, and hopefully in the future, the market is calm. The bulls are more determined than they have been for the past 18 months or so, and the results can only be extraordinary.
At the time of press, Bitcoin is trading for $6,100, marking a 3% upward move in the last 24 hours. As far as resistance targets are concerned, the bulls will try to get as close to $6,200 as possible setting themselves up for a high support position. For now, price correction in the next couple of hours could see Bitcoin slide to just above $6,000 with the bulls already plotting their way to the $10,000 mark in the next couple of weeks.
Source: Read Full Article