Bitcoin over the weekend proved that the bulls have taken charge and after breaking the key resistance of $6000 last week, analysts were predicting strong resistance at $6,500, but Bitcoin defying all odds did not just pass the $6,500 mark with ease but also clocked $7,500. The market did go for another correction in price, but Bitcoin maintained itself above the $7k mark.
However, there are many analysts who are still maintaining that a market pullback is inevitable and the current price rally is bullish in the short term, which will be followed back by a slide in prices taking the value of Bitcoin at around $4,500 and only then the real bull run would take charge.
The passive stance over price predictions are understandable, given many who predicted the prices of Bitcoin to double and even triple from its peak of 2017 had to eat their words due to the longest crypto winter of 2018. Apart from the analysts who think a pullback is on the horizon, there are a few who believe that the market has already seen a pullback, and we are currently in the bull run. These analysts draw our attention towards the trading volume charts which suggest quite a similar pattern to that of 2017 peak.
Bitcoin Sees a Thousand Dollar Price Rally Weekend in 2 Years
Bitcoin over the weekend not only crashed past the key resistance level without facing much resistance, but it also clocked the first thousand dollar rally on the weekend since 2017. The daily trading volume also peaked $30 billion which is double the amount of the entire market a couple of months ago.
The total circulating volume of Bitcoin has reached $125 billion, which is also the highest since September 2018, the market dominance also reached a 17-month high. Apart from that Bitcoin has made a tremendous 90% gain in 2019 outperforming any other digital asset.
The talks of a market pullback have been going around since the April 2nd price surge which marked the beginning of the current bullish nature of the market. However, since that surge, apart from a few price corrections, there hasn’t been any significant indicator suggesting a pullback.