[2019-05-11] Analysts Roar As Bitcoin Tops $6,700

[CryptoBry]

Bitcoin Blips Above $6,700, Crypto In Disbelief

No. Way. Bitcoin (BTC) just hours ago moved above $6,700 and even flirted with $6,800 on some crypto exchanges. Although many have been absolutely enamored with this move, some have been left asking: Is the cryptocurrency moving too far too fast?

Over the past five weeks, Bitcoin has been in a decidedly bullish trend. Ever since the asset broke past the key $4,200 resistance level and its 200-day moving average, some, like Fundstrat’s Tom Lee, have proclaimed that BTC was in a “bull market”.

But few, very few, expected the digital asset class to move as fast it has in the past weeks. In the past month alone, BTC is up by over 50% — gains reminiscent of 2017’s rally. Yet here we are. And interestingly, a move even higher might just be in Bitcoin’s cards.

As industry researcher Willy Woo remarks, if a short squeeze comes to life, BTC would see a “blow-off”, whereas prices explode within a short period of time, before a retracement. This is because such squeezes require short-sellers to “buy back at market price,” creating instant buying pressure.

Source: https://www.newsbtc.com/2019/05/11/analysts-roar-bitcoin-tops-6700-crypto-rally-sustained/

This can be truly an exciting time for Bitcoin so much so that even people who are thriving in the cryptocurrency market are expressing some disbelief of its continuing upward trajectory. Well, it is good to be surprised for good, anyway. And Bitcoin is just showing its well-known unpredictability side here...something that is really making it more pulsating and just beautiful...that is if you are a holder or a trader.

Will this be the signal that days from now more and more people will be joining the Bitcoin bandwagon...which in turn can fuel more speculations on the market? Or have we already learned of the mistakes of the past?

[hugeblack]

Will this be the signal that days from now more and more people will be joining the Bitcoin bandwagon...which in turn can fuel more speculations on the market? Or have we already learned of the mistakes of the past?

Greed will drive many to join the market, not just buying coins but entering this forum and trying to win SPAM some tokens.
Even if many people do not learn from the mistakes of the past, more will join, as more news sites, magazines, newspapers and TV channels will talk about this investment opportunity.

The same greed will encourage more Signatures campaigns (bounty or airdrop) and create more and more useless coins.

[coolcoinz]

IMO everything above 6,5k is a FOMO rally. A short squeeze Willy Woo is talking about can also be the culprit.
As I'm writing this we had a little double top on the charts followed by a small correction to around 6,9k. It was to be expected. We definitely need a breather before going back to 10k, but the bottom is in for sure and we won't go below 3k this year, the level Tone used to talk about. On the other hand, Tom Lee is finally right after 17 months of being wrong. May is his month for sure!

[veleten]

IMO everything above 6,5k is a FOMO rally. A short squeeze Willy Woo is talking about can also be the culprit.
As I'm writing this we had a little double top on the charts followed by a small correction to around 6,9k. It was to be expected. We definitely need a breather before going back to 10k, but the bottom is in for sure and we won't go below 3k this year, the level Tone used to talk about. On the other hand, Tom Lee is finally right after 17 months of being wrong. May is his month for sure!

lets see what analysts say when we break 8.000$ today
there could be no breather , I'm very positive we shall see 7900-8000$ today , maybe some correction is due , but so far bitcoin is breaking every record
14% 24h growth and there is no sign of stopping , the sell walls at Bitfinex are swept  like its not 300-400 bitcoins but some small change , the volumes are through the rough
if we compare 2017 to now , there are too many similarities , hope them similarities continue and we see a break through in price

[Vishnu.Reang]

Now the last thing I want is the useless alts to go up, just like what happened in 2017. Back then, a lot of scam coins went up by 100x and 200x, propelled by just wild rumors. The price rise of established alts such as Monero and Stellar Lumens can be justified. But there are useless coins such as Bytecoin and Bitsend, which are very susceptible to pump and dump cycles.

[davis196]

The short term bitcoin bull run is gaining momentum.Yesterday,the btc price was 7,3K USD,today it's 7.8K.
For a short time it went back to 7K,so I was a little bit disappointed,but now it's on the right track again.
I guess that were are in the FOMO phase and more and more traders are eager to buy btc as fast as possible so they could catch the right moment,before btc gets too expensive.