Bitcoin enjoyed further gains today, rising to its highest since September.
Getty
Bitcoin prices surged this morning, rising to their highest since September, as the cryptocurrency continued its current, bullish trend.
The digital currency climbed to as much as $10,351.46, according to CoinDesk price data.
At this point, bitcoin had appreciated more than 6% since the start of the day and was trading at its highest since September, additional CoinDesk figures reveal.
“This price action is technical in nature,” said Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital.
“Bitcoin price was testing support after crossing $10,000, and found it around $9,800, after which it once again attempted and successfully crossed $10,000 today,” he stated.
Kiana Danial, CEO of Invest Diva, also pointed to technical developments, describing bitcoin’s latest gains as “the continuation of the medium-term uptrend.”
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Importance Of $10,000 Level
“$10,000 is one of the most significant psychological price levels for Bitcoin,” emphasized John Iadeluca, founder & CEO of multi-strategy fund Banz Capital.
Further, it is “a massive systematic parameter for automated trading, exchanges, and others,” he noted.
“From a psychological level, the $10,000 Bitcoin price marks more headlines, more gossip, and more mainstream interest, which all plays into the ‘long’ formulation of algorithms within cryptocurrency market,” said Iadeluca.
Market Outlook
A few analysts offered their perspective on what the world’s most prominent digital currency will do after surpassing the key $10,000 price level.
“Moving forward, we can expect Bitcoin to enter a consolidation pattern to try and establish firm support above $10,000,” stated DiPasquale.
“The longer Bitcoin remains above $10,000, the higher the chances of further appreciation, with $11,000 next in line,” he said.
Danial also weighed in, stating that “historically, Bitcoin reaches a higher high compared to the previous high every time it bottoms out.”
“With this particular uptrend, I’m eyeing the $15K level as the final destination,” the cryptocurrency reaches “over the next couple of months.”
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.
Comments are closed.