Bitcoin is already above $ 9,800 - and everything is swept away in its path
Bitcoin rose above $ 9,500 on Thursday evening, updating the 13-month high. The last time at these levels the first cryptocurrency was traded in early May 2018. At the beginning of Friday, Bitcoin overcame the $ 9,600 mark.
On the eve of Gemini co-founder Tyler Cameron wrote that after Bitcoin overcomes the $ 10,000 barrier, there is no doubt that he will soon take the $ 15,000 mark.
Analyst Vijay Boyapati, anticipating the possible development of the situation, draws a parallel between the current Bitcoin trend, which, according to him, is at the very beginning of a bullish climb, and four "HYIP cycles" that the leading cryptocurrency has already experienced, writes ttrcoin.
According to Boyapati, the bull market begins its development at a rather slow pace due to oversupply. After passing the previous maximum, the excess supply disappears, while the price can grow freely and cause the next HYIP cycle.
Over time, both the growth rate and the level of excitement are only gaining momentum. So, during the rise of 2017, the last $ 5,000 was collected in a few days.
One of the sure signs of the end of the bitcoin bull market is a violation of trading. There are large bourse spreads, while the trading platforms themselves are not able to cope with the last crazy jerk caused by speculators driven by greed.
Bitcoin can wait a two-month lull, based on historical data on its monthly growth since 2010, writes Bitcoinist.
Analytical company Cane Island Crypto has published data that indicate a lull between August and September. So, August was the worst month for Bitcoin between 2010 and 2018.
This may play into the hands of the expectations of a small bitcoin correction, which cryptanalytics such as Trace Meyers and Tour Demerster predict - both expect prices to fall to $ 6,500- $ 7,500.
However, technical indicators paint a different picture. A senior Bitcoinist analyst under the name Filbfilb pointed to a bullish intersection on the MACD indicator. This intersection was last observed at the end of 2016, culminating in growth at the end of 2017, when the price of bitcoin reached almost $ 20,000.