Bitcoin (BTC) has recently moved above $9,000 for the first time in several months. However, after moving from $8,750 up to $9,000 it fell down to $8,600. Will Bitcoin be able to keep its growth path or it is currently not able to surpass this price level?
Will Bitcoin Surpass $9,000?
Bitcoin, the largest cryptocurrency in the market, continues to call the attention of different traders and experts. The digital currency was able to surprise investors today when it moved from $8,750 to $9,000 in just minutes and it fell to $8,600 immediately after it.
The virtual currency experienced extreme volatility for a short period of time after being operated stably close to $8,750 throughout the day. Just a few days ago, several experts were predicting Bitcoin to reach $10,000 or even breaking its all-time high in the near future.
Thomas Lee, the co-founder of Fundstrat Global, said that Bitcoin could enter a new FOMO stage if it surpasses $10,000. He explained that reaching $10,000 is mathematically equivalent exceeding $4,500 in 2017.
Actually the point of the chart is to say “real FOMO” probably starts when #bitcoin exceeds $10,000 as that is a price level only seen 3% of all days…
…mathematically equivalent to exceeding $BTC $4,500 in 2017
Looking back, that price was a level that indeed triggered FOMO
— Thomas Lee (@fundstrat) May 29, 2019
Although this unexpected volatility has hit the market, the near term outlook for Bitcoin remains bullish. However, it is important to pay close attention to the $7,400 level. If Bitcoin drops under this, the bull market would be invalidated.
Bitcoin bulls might try to surpass $9,000 once again in the future. If that happens, the next resistance levels are close to $9,200, $9,500 and $9,600. The $10,000 level will be key to understand whether Bitcoin remains its bull trend or if it makes a pause for a few weeks.
The most popular cryptocurrency has experienced a very positive trend in the last few months. Since the beginning of the year, Bitcoin is traded with 140% gains. In the last two months, Bitcoin moved from $5,000 to over $9,000 a few hours ago.
For the long term, experts remain very bullish. 2018 was a very negative year for Bitcoin but in 2020, the digital asset will be experiencing a halving. Bitcoin reward for miners is expected to drop from 12.5 BTC per block to 6.25 BTC. With growing demand, this is expected to help Bitcoin price expand and eventually reach new highs.
According to CoinMarketCap, Bitcoin is now traded close to $8,500 and it has a market capitalization of $151 billion. In the last 24 hours, Bitcoin lost 2% of its value.
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