Bitcoin investors were pleased to find yesterday that BTC’s bulls have come out swinging and are now pushing the cryptocurrency’s price towards the psychologically critical price level of $10,000, which is just a hair above its current price.
Although in the short-term Bitcoin is certainly bullish, over the long run it is incredibly bullish, and one chart even points to the possibility that it will one day be trading at $500,000.
This massive upwards momentum marks a continuation of the buying pressure that BTC first incurred in early-April that led it to surge from lows of $4,000. It is now abundantly clear that the cryptocurrency is currently in the throes of a bull market, but in order for it to surge higher it is critical that it breaks above $10,000 in the near-future.
Late-yesterday, the crypto quickly surged to highs of $9,900 where it faced some levels of resistance that pushed it down slightly.
Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about the resistance that lies between BTC’s current price and $10,000, noting that bulls will have to decisively push its price above $9,948.
Bitcoin Climbs to $9,850, But Faces Some Resistance
At the time of writing Bitcoin is trading up over 5% at its of $9,850, up significantly from 24-hour lows of $9,300.
“$BTC #Bitcoin Daily – Moving like a champ – In order to hit $10,000 this will have to break the May 5th 2018 high of $9948,” he explained.
Daily – Moving like a champ – In order to hit $10,000 this will have to break the May 5th 2018 high of $9948 — Cheds (Trading Quotes) (@BigCheds)
Analyst: Don’t Be Surprised if BTC’s Price Surge Exceeds Expectations
Although $10,000 remains a short-term battle for BTC, long-term it may have significantly further gains in store, and one chart is signaling that a move to $500,000 is not only possible, but plausible.
HornHairs, another popular crypto analyst, shared an overwhelmingly bullish sentiment in a recent tweet, explaining that if the next bull movement mirrors that seen in 2017, then Bitcoin could soon be surging way past its previously established all-time-highs.“The last time price pierced the bearish cloud on the weekly for the first time after the end of a bear market, price went on to increase >5000%. Should history repeat, that would put price at $500k at the end of next cycle. Sounds ridiculous, but so did $20k,” he explained while referencing the below chart.
The last time price pierced the bearish cloud on the weekly for the first time after the end of a bear market, price went on to increase >5000%. Should history repeat, that would put price at $500k at the end of next cycle. Sounds ridiculous, but so did $20k… — HornHairs 🌊 (@CryptoHornHairs)
Although it is too early to get excited about the possibility of there one day being a $500k Bitcoin, in the near-term it does seem as though bulls are in full control, which likely means that the world will soon see BTC one again break into the five-figure price region.
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