Bitcoin, the most popular digital asset in the market, has surged during the last hours and it has reached $8,600 in different exchanges. This is the highest value that the digital currency reaches since May 2018. The next step is to reach $10,000, but will this happen?
Could Bitcoin Reach $10,000?
Bitcoin has been traded in a very positive range during the last few weeks. Bitcoin grew more than 100% since the beginning of April and this trend does not seem to have an end. Although experts and analysts believed that Bitcoin was going to experienced a correction during this days, Bitcoin dipped to $6,400 for a very short and brief period of time and surged again up to $8,600 a few minutes ago.
This shows that there is a very strong bullish sentiment in the market and that investors are ready to place their funds on the most popular digital asset. Clearly, closing above this level would be very positive for the virtual currency that could continue its upward trend during the coming weeks.
According to the cryptocurrency analyst Josh Rager, if Bitcoin closes above $8,300, he would expect a move to $9,600. Moreover, another analyst and crypto expert, Crypto Rand, mentioned that he sees a clear pattern in Bitcoin in which he believes that the digital currency is expected to reach $10,000.
— Crypto Rand (@crypto_rand) May 19, 2019
During a conversation with the crypto news site Crypto Briefing, Alex Mashinsky, a developer of Voice Over Internet Protocol, said that Bitcoin could reach $10,000 in the near future. He explained that the long-to-short ration on different crypto platforms is still short-heavy, thus, there will be users on the short-side that want to cover their positions.
On the matter, he commented:
“So I think we’re going to go above ten thousand before we see a correction. Because these guys are going to be squeezed out. We haven’t seen the pain yet. We have not seen them cover. They have to cover and when they cover, they buy Bitcoin.”
Although the momentum for Bitcoin in the short-term slowed down, the digital currency has shown that its steam is not over yet. In the last 24 hours, Bitcoin surged over 6.5% and it reached a market capitalization of $151 billion. At the same time, each coin could be purchased for $8,600, according to CoinMarketCap.
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