Bitcoin is going strong every other day since its April 2nd price surge, and currently at $5263. Bitcoin was facing strong resistance at $4,200, but once it got past that, there hadn’t been any key resistance since then. Analysts predict that the next key resistance for Bitcoin could be at a price point of $5,350 and once it gets past that, $8,000 price point won’t be a far fetched estimation.
Earlier the April 2nd price surge was estimated to be just another price rally, as the crypto trade market has been pushing up since the beginning of the year. However, the market was never able to solidify any small or medium gain it made, up until April 2nd.
According to cryptoanalysts, the recent surge was not just a hoax or cause of the market manipulation, but due to the changing sentiments of the community and their bullish nature. A report suggests that the price rise is in accordance with the increased Bitcoin trading volume. The surge suggests that an increased number of people are interested in buying Bitcoin than the last year despite the surge in prices.
It’s quite a common observation in the crypto space that the public interest plays a very cordial role in bullish trends. The current trading volumes of Bitcoin are following the same pattern as in 2017.
Chances of Another Bubble
The analysis report suggests that the market surge will be followed by a market pull back and create another bubble just like 2017, before catapulting the Bitcoin prices to 2017 highs or even more than that.
The recent surge is a clear indication that the market is quite bullish and it has defied all odds to continue the upstream movement. The total market capitalization of the crypto space has reached $185 billion, trading volumes are splendid and there isn’t much resistance at the moment, which all combine to indicate that the bull run is here.
After a prolonged crypto winter in 2018, people became cautious over the cryptocurrency space, and even the biggest Bitcoin bulls who have quoted the absurd price for Bitcoin in 2018 were cautious over their statements. Most of the analysts have predicted the bull run to take charge towards the latter half of the year while some gave Bitcoin a $6,000 price valuation.
However, now the market has turned bullish again and people are hoping Bitcoin to touch the high price point as of 2017.