[2018-04-21] Bitcoin Price Moves Towards $9,000 With Strong Momentum, Bull Marke

[ivanpoldark]

The bitcoin price has surpassed $8,800 after rising more than 6 percent over the past 24 hours. Volumes across major cryptocurrency exchanges remain strong and the daily trading volume of the market has increased past $26 billion for the first time over the past month.

$9,200

On March 21, the bitcoin price tested the $9,200 support level but failed to sustain momentum for mid-term growth and fell below the $6,500 mark within two weeks after struggling to bounce off $8,200.

At this juncture, it is likely that the bitcoin price tests the $9,200 level it had touched in late March, and a movement past that level would lead the bitcoin price to the $10,000 region by the end of April.

In November 2017, investors described the $10,000 mark as a psychological threshold and a key milestone. At the time, traders predicted the price of bitcoin to surge substantially subsequent to surpassing $10,000. Almost immediately after breaking into the $10,000 region, the bitcoin price surged to $14,000 and eventually to $20,000.

Since the initial correction of bitcoin in February, the market has not been able to demonstrate any sign of stability. The price of most alternative cryptocurrencies (altcoins) and tokens followed the short-term trend of bitcoin and the volume of regional exchanges in Japan and South Korea significantly decreased.

Fundamentally, bitcoin is in an ideal position to initiate a new rally in both the short and mid-term, given that the adoption of cryptocurrency in general has started to increase. Moveover, in late 2017, the majority of speculators who bought into the cryptocurrency market did so out of FOMO, or fear of missing out, without solid knowledge in the structure and fundamentals of cryptocurrencies.

Over the past five months, the awareness of cryptocurrency has increased drastically and a substantially large number of individuals have started to understand the basics of decentralized financial networks and cryptocurrencies.

As such, fintech company Smart Valor CEO Olga Feldmeier stated that in the next two years, the bitcoin price will reach a value of $100,000, and within 2018, the bitcoin price will surpass its previous high at $20,000.

“I believe that we will see a comeback to the height achieved at the end of 2017 this year. Over the next two years I still predict we could see it reach a value of $100,000,” Olga told The Independent.

Rise of Altcoins

Throughout this week, CCN reported that the altcoin season may have started with strong consistent performances of small cryptocurrencies and tokens. Today, several tokens like STORM have recorded a gain of above 30 percent against bitcoin and about 40 percent against the US dollar.

Investors have gained more confidence in the cryptocurrency market and are now willing to take more risks by investing in cryptocurrencies with higher volatility and lower liquidity.

Still, in an interview with FT, Ethereum creator Vitalik Buterin stated that the valuation of most altcoins or tokens cannot be justified and are overblown. “There’s projects that never had a soul, that are just like, ra-ra, price go up. Lambo, vrromm, buybuybuy now!” Buterin said.

https://www.ccn.com/bitcoin-price-moves-towards-9000-with-strong-momentum-bull-market/

[Qartersa]

I am hoping for a good turnaround this time! Around the last week of March, the market really tried to make a mainstream at $9,000 level but it failed miserably thereby buckling down to just around $6,000. Overall, the first quarter was a tough event to all investors to carry on. This time around, I hope it sustains the strength it is showing because for the past four days reckoned from today, the value of Bitcoin has not lowered below $8,000. I think this is a good time for investors! Early congratulations to those who tightly held their Bitcoins!

[1Referee]

Early congratulations to those who tightly held their Bitcoins!

It's not an achievement or so in my opinion. People make it seem like it is, but it isn't.

If people think logically, then there wasn't anything to do other than to keep holding. It makes zero sense to sell at anything below the $10,000 level if you have had the chance to sell at or near $15,000 levels. Just like there is a peak to any bull run, there is a bottom to any reverse bull run, and that bottom was marked back in early February. In other words, if people didn't use below $7000 levels to buy as many coins as possible at, then it's a wasted opportunity. As always, regret comes afterwards, and now people realize they have been too late, where fomo starts to tickle them now. People.