Despite facing increased downward pressures this week, which temporarily threaten Bitcoin's growth dynamics, the crypto currency is able to continue to soar and is now approaching a low $ 8,000 area, the point at which the BTC has caused significant selling pressure and a few days ago.
Analysts now believe that Bitcoin may have more fuel in it, allowing it to grow to $ 10,000 in the near future, which would mean a significant technical move for the crypto currency.
Bitcoin (BTC) Almost $ 8,000…
At the time of writing Bitcoin traded almost 8% at its current price of $ 7,915, which is significantly more than a 24-hour low of $ 7,250.
Within one week, BTC caused some jerky action actions, booming from a low of $ 6,800 to peaks of $ 8,300 before returning to under $ 7,000. As it dropped below $ 7,000, Bitcoin was able to build a larger buying pressure that allowed it to continue to climb.
The recent series of upward movements has led to a drastic shift in market sentiment, as many analysts and traders are currently predominantly expressing bullish sentiment regarding aggregated markets by cryptography.
Joseph Young, a popular figure in the crypto currency industry, told his nearly 100,000 followers that the rapid $ 8,000 BTC recovery, despite recent withdrawal, is evidence of positive market sentiment.
“Bitcoin fell to $ 6,400 on May 17, triggered by a $ 5,000 BTC sales order at Bitstamp, leading to massive BitMEX liquidation. The $ 8,000 quick recovery is proof of the positive market sentiment currently being. "
Bitcoin dropped to $ 17,000 on May 17 launched a 5,000 BTC sales order on Bitstamp, which led to massive BitMEX liquidation.
The $ 8,000 quick recovery is proof of the positive market sentiment currently being.
– Joseph Young (@iamjosephyoung) May 19, 2019
Analyst: BTC Can Be Towards $ 10,000 Next
Although most analysts and investors are currently on the markets, it is still not clear to what extent Bitcoin will grow before sufficient resistance is created to halt its upward dynamics.
Crypto Rand, a popular cryptocontrol analyst on Twitter, briefly mentioned in a recent tweet that he believes this upward impulse will lead to a cryptometer toward the desired $ 10,000 level.
"Bitcoin is warming up for $ 10K," he told his followers.
– Crypto Rand (@crypto_rand) May 19, 2019
Given that weekend shots and the start of a new week are starting, traders are likely to gain a better insight into whether this current rally really has the prerequisites for running early or whether further consolidation is needed.
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