Bitcoin Price Surges to $10,000 as Market Continues to Recover to $500 Billion
The bitcoin price has surpassed the $10,000 mark, which analysts including BitFury vice chairman George Kikvadze described as a psychological threshold, as the entire cryptocurrency market recorded large gains.
BitcoinIn yesterday’s report, CCN noted that bitcoin is in an ideal position to break through the $10,000 mark, given its strong volume across all major cryptocurrency exchanges. Although the price of bitcoin has dipped below $9,900 since achieving $10,000, unless sell volumes continue to rise in the upcoming hours, it is unlikely that the price of bitcoin will stay below the $10,000 mark in the short-term.
Throughout the past 12 hours, the daily trading volume of bitcoin and other major cryptocurrencies remained relatively low, in comparison to the market’s volume on February 15. Bitcoin also demonstrated a massive sell volume earlier today, the biggest one yet since February 14. If bitcoin cam remain above the $9,700 mark, the starting point of February 14, it will likely soon rebound to $10,000 and potentially lead a strong rally.
Tom Lee, a Wall Street strategist at Fundstrat known for his mid and long-term bitcoin analysis, has stated that bitcoin will likely achieve new all-time highs by July of this year. Based on the v-shaped bottom of bitcoin, Lee noted that bitcoin will begin to show resilience and start to build some momentum throughout the mid-term.
“This recent 70% decline is severe. We can see a case for Bitcoin’s resilience here given the sharpness of the recent decline,” said Lee, predicting bitcoin to achieve a new all-time high by July.
Even at $10,000, bitcoin remains at below 53 percent from its all-time high established at $19,000. While most assets tend to struggle to recover in the short-term after 70 percent corrections, bitcoin has started to show early signs of mid-term recovery, as explained by Lee.
As a volatile currency, bitcoin declines by large margins but also increases rapidly in short periods of time. Hence, as bitcoin stabilizes above the $10,000 mark, as it did in throughout November and December, it is entirely possible that it will experience an exponential increase in value from $10,000 back to its all-time high at $19,000 in the upcoming months.
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