Bitcoin (BTC), the largest cryptocurrency in the market has registered a massive price increase during the last few hours. The digital currency surpassed $13,700 after moving from under $10,000 to the current price level in just a few days. But how much the virtual currency could continue growing?
Could Bitcoin Continue Growing?
Bitcoin has reached new highs in more than a year helped by a market that is very bullish about the future of the digital currency. Just this year, Bitcoin moved from around $3,700 to over $13,700, which represents a price increase of 270 percent in just half a year. Since its lowest point during the bear market of 2018, it has moved 328 percent.
This shows that the market is very excited about the digital currency and that investors are already expecting a new all-time high. There are many analysts such as Thomas Lee or Peter Brandt that consider that Bitcoin could move to $40,000 this year and reach $100,000, respectively.
Thomas Lee, the co-founder of Fundstrat Global Advisors suggested that Bitcoin would have a fast movement from $10,000 to $20,000. In addition to it, he said that after reaching $20,000 it could grow to $40,000 by the end of the current year.
Meanwhile, Peter Brandt wrote a Tweet in which he said that he has never seen an asset that followed such a parabolic partner. He has also mentioned that Bitcoin is entering a new growth phase in which it could eventually surge to $100,000.
At the moment, it becomes more difficult to understand which price level works as resistance in order to reach $20,000. Bitcoin has now dropped over $1,000 in just a few minutes after reaching $13,700 and trying to move even further. One of the possible next resistance levels could be close to $17,400. Meanwhile, $12,000 and $11,800 are going to be important support levels for Bitcoin in the near future if it continues to fall.
Technical indicators are also showing that momentum is growing in the space. This is generally bullish in the short term but bearish in the middle-term. As investors enter the market in a fast way, then, the panic selling becomes massive as well.
According to CoinMarketCap, Bitcoin is being traded around $15,560 and it has a market cap of $223 billion.