After months of price dip and little upward movement, the cryptocurrency community in Nigeria and globally went agog as Bitcoin price hit $10,000 for the first time in 13 months; in the early hours of Saturday June 22/19. Followed up by a surge to $11,000 in less than 24 hours.
This milestone comes in the aftermath of a slow but steady rise in recent weeks, from a year start price between the $3k and $4k region. The number one cryptocurrency is currently up by 120% in the first six months of 2019, performing better than other traditional assets and duly rewarding holders for their patience.
Asides the price increase, Bitcoin and the cryptocurrency market has set new records:
- Bitcoin is now the 8th largest currency in the world bigger than the monetary base of most countries
- Bitcoin hash rate (total computing power of the bitcoin network) hit new all-time high
- Bitcoin as an asset and traditional investment instrument is up by about120% this year
- According to CME, Bitcoin Futures Institutional interest also reached all-time high
- Total cryptocurrency market capitalization currently stands at over $320 billion
- Recent survey data by Kaspersky lab shows that 19% of people globally have purchased cryptocurrency
Altcoins Follow Up
Altcoins – Ethereum (ETH) broke the $300 barrier to currently trade at $313 per coin. NEO the eighteenth largest crytpocurrency by market cap saw a surge up by 30% in 30 minutes.
Other altcoins, XRP, BCH, ADA, TRX all post greens between 3% to 20%.
In classic FOMO trend following the rally, interest by non-coiners has considerably grown with many looking to get on the rally train. Mainstream media outlets aren’t left out of the euphoria as Bitcoin keeps making major headlines on financial streams worldwide.
For the cryptocurrency community, most focus on taking profits as reward for holding, while they anticipate more price rallies with eyes on LAMBO.
In response to Bitcoin’s $10k surge, renowned and professional trader Peter Brandt tweeted that bitcoin’s price is currently taking an aim at $100,000 target. As he highlighted that bitcoin’s fourth parabolic growth phase has now begun:
Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a long chart in this manner. Bitcoin is a market like no other.
Brandt went on to publish a table containing BTC price growth from October 2011 to December 2017; with the data showing bitcoin increased its value by 9,765 fold.
Other commentators include; CEO of Digital Currency Group who remarked: “it looks like we are coming out of crypto winter and we’ve entered a crypto spring.”
Co-founder of blockchain investment firm Kenetic last month predicted a bitcoin price rally to as high as $30,000 by the end of this year. Another set of contributors say considering bitcoin’s 200 week moving average, this could be a last opportunity to buy below $10k.
Expert Opinions / Predictions
Analysts believe that with BTC remaining above $10k and holding its gains over the weekend, it could form a new solid level of support.
A look at previous chart patterns show the next resistance level at around $11.7k, followed by a free rally to $17k. On the other hand, if Peter Brandt’s parabola metrics play out and considering the BTC halving set for May 2020, the $100k high could come as early as Q1 of 2020.
In all, there is little doubt now that a new ATH is on the cards. What are your price predictions by end of the year?
NOTE: This publication does not serve or replace investment advice. Always Do Your Own Research (DYOR).