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According to Naeem Aslam, chief market analyst at ThinkMarkets UK, theprice is about to “blast past the level of $10,000” this week or next.
By all estimates, consumer and retail interest are only growing.
Bitcoin’s skeptics will soon have to reckon with the embarrassment that the flagship cryptocurrency is rising again, despite their criticisms. In an embarrassing blow to those who said the Bitcoin price would never recover its losses, many analysts are now saying that bullish momentum is here to stay.
Naaem Aslam, chief market analyst at ThinkMarkets UK, says that he expects Bitcoin to break through the $10,000 mark within the next two weeks. Previously unthinkable just a few months ago, that would put Bitcoin at half of the all-time high it hit back in December 2017.
Neil Wilson, leading market analyst for Markets.com, had similarly-bullish predictions. “This is a big momentum play and the more buzz, the more traders will pile in behind the rising wave,” he told Business Insider. If you are a Bitcoin bear, it’s comparable to “standing in front of a steamroller,” Wilson said. However, he holds the belief that the market will have to slump back down eventually.
Bitcoin’s explosive rally the past few months has surpassed all expectations.
Many assumed that the recent Bitfinex lawsuit by the New York Attorney General regarding the exchange’s $850M cover-up using would bring back the bears. (USDT)
Binance also recently suffered a hack where thieves stole some $40M from the exchange. However, none of these events have slowed down Bitcoin’s growth.
Some have speculated that the US-China trade war or increased retail interest may be responsible for Bitcoin’s rise.
The cryptocurrency is up 130 percent just this year alone.
However, according to all metrics, the reason for the rise is part-momentum and part-fundamentals: the Bitcoin network has arguably never been stronger.
Do you agree that the Bitcoin price will break $10,000 either this week or next? Let us know your thoughts in the comments down below.
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