Bitcoin Surpasses $9,000: What Does This Mean?
Bitcoin has finally surpassed the $9,000 mark. The cryptocurrency spent two days on the high $8,000s hitting $8,700 at some point.
But the prices surged later in the day by nearly 3%, surpassing$9,000 for the first time in two months. Nonetheless, the crypto didn’t manage to maintain this surge after it later dropped to $8,950.
Hitting $9,000 is a rare occurrence for Bitcoin, especially over the last few months. Many analysts feel that this could be a sign of the good things to come.
Bitcoin has stabilised significantly after the volatility of a few years back. Hitting $9,000 in value is seen by many investors as a huge step but many bullish analysts believe that the crypto could easily surge at least 30% over the coming months.
This would take it to $11,500, one of the highest price values in a very long time. The bullish run isn’t expected on just Bitcoin alone. Some experts also feel that other crypto assets including Ethereum and XRP may also surge along with Bitcoin in the near future.
All Indicators Signal a Bullish Run Could Be Coming
Analysing most crypto indicators in the market right now, there’s increasing hope that a bullish run isn’t that far. First of all, it seems like Bitcoin has recently crossed above several key moving averages in the market.
In a tweet sent by Murad Mahmudov, a former Goldman Sachsanalyst, Bitcoin is now trading above the 128-day simple moving average or SMA and also above the 200-day exponential moving average or EMA. The crypto is also way above the 50-week SMA and the 100-week SMA.
All these are clear signs that there is a bullish run about to come and even though bears are a bit sceptical given the tormented volatile history of Bitcoin, it’s really hard to argue against these numbers.
Besides, the momentum in the crypto market over the last months has been extremely bullish. Even though there are many factors that may affect current trends, so far we have not seen any serious risks that may halt the bullish run.
Despite this, there is still a chance that a full BTC rally may not occur soon. When Bitcoin was hitting the highs of $20,000 not so long ago, most forward–thinking investors knew that a market correction would come and send the price tumbling. But Bitcoin has shown a lot of resilience. It has seen it all, going up and down, and still remains one of the most valuable financial assets out there.
The bullish run will help set BTC towards further successes in the future. Even though the currency may not go as high as $20,000 like it did a few years ago, if it can break through the $9,000 mark and stay there, then that in general will be a huge success.
But even with that, Bitcoin still remains a volatile crypto and there’s still a lot that could still happen in the near time. We will just have to wait and see how the market responds.