Even after going up against increased levels of downwards pressure earlier this week that momentarily placed Bitcoin's upwards momentum at risk, the cryptocurrency has managed to carry on surging upwards and is today nearing the low-$8,000 region, that is the point at which BTC was subjected to significant selling pressure a few days ago.
Now, analysts strongly believe that Bitcoin may have more fuel in it that makes it possible for it to surge towards $10,000 in the near future, which would be a notable technical movement for the cryptocurrency.
Bitcoin (BTC) Nears $8,000… Again…
At the time of writing Bitcoin is trading up almost 8% at its current price of $7,915, up considerably from its 24-hour lows of $7,250.
Across a one-week period, BTC has suffered some choppy price action, growing from lows of $6,800 to highs of $8,300 ahead of reeling back to below $7,000. Since slumping below $7,000, Bitcoin has had the ability to build better buying pressure that has enabled it to continue its upwards ascent.
The recent sequence of upwards movements have resulted in a drastic shift in market sentiment, as many analysts and traders alike are generally expressing an overwhelmingly bullish sentiment concerning the aggregated crypto markets.
Joseph Young, a well-liked figure within the cryptocurrency industry, told his nearly 100k followers that BTC's rapid recovery towards $8,000, in spite of the recent pull back, is a testament to the positive market sentiment.
“Bitcoin dropped to $6,400 on May 17 triggered by a 5,000 BTC sell order on Bitstamp that led to massive BitMEX liquidations. Rapid recovery to $8,000 is a testament to how positive the sentiment around the market is currently.”
Bitcoin dropped to $6,400 on May 17 triggered by a 5,000 BTC sell order on Bitstamp that led to massive BitMEX liquidations.
Rapid recovery to $8,000 is a testament to how positive the sentiment around the market is currently.
— Joseph Young (@iamjosephyoung) May 19, 2019
Analyst: BTC May Be Heading Towards $10,000 Next
Despite the fact that most analysts and investors are currently bullish on the markets, it still stays unclear as to where Bitcoin will grow to before suffering enough resistance that stops its upwards momentum.
Crypto Rand, a well-liked cryptocurrency analyst on Twitter, concisely noted in a recent tweet that he feels this upwards momentum will direct the cryptocurrency towards the desired $10,000 level.
“Bitcoin heating up for $10K,” he told his followers.
#Bitcoin heating up for $10K pic.twitter.com/34jIuCocJY
— Crypto Rand (@crypto_rand) May 19, 2019
Just as the weekend winds up and the fresh week begins, traders will likely gain greater insight into whether or not this current rally really has the makings of an early-stage bull run, or if further consolidation is necessary.
Featured image from Shutterstock.
The post Bitcoin May Be Gearing Up for a Move to $10,000 as Upwards Momentum Continues appeared first on NewsBTC.