Bitcoin was able to surpass $6,000 and maintain this price level for over 24 hours. This is very positive for the digital asset that has also increase its market dominance and it is close to reaching its highest point since December 2017.
Some analysts believe that the digital currency could keep growing in the coming weeks.
Analyst Suggest Bitcoin Rally Might Not Be Over
Several experts and individuals believed that Bitcoin was going to experience a small drop after reaching $6,000. This was a very important level for the digital asset since it fell under it back in November 2018. This was a very important support level throughout 2018.
According to the popular crypto analyst on Twitter, The Crypto Dog, Bitcoin could accelerate higher before it hits a resistance level would make it fall in the market. The current price surge started in April when the digital currency surpassed $4,200 and it was approaching $5,000. In May, Bitcoin finally crossed the psychological barrier of $6,000 and it could keep growing in the near future.
The Crypto Dog said that he would like to see how Bitcoin will be handling the $6,350 zone and how the digital currency will behave around it.
I tend to think this $BTC rally will continue to accelerate until we hit a resistance simply too big too handle. I’m keeping my longs open.
Bear market over. Bull market in? – I want to see how we handle $6350.
If we turn that into support – oof. Hope you bought the dip.
— The Crypto Dog📈 (@TheCryptoDog) May 9, 2019
Meanwhile, Alex Krüger, another recognized expert and analyst, said that the next level is expected to be $6,400, close to the zone mentioned by The Crypto Dog. According to Krüger, this was the most traded price during 2018.
In addition to it, Murad Mahmudov, a popular trader, said on Twitter that this bull trend has a “bit of juice” left to keep expanding.
There is another trader and analyst, Mayne, that believed that Bitcoin could have reached a bottom of $2,000. But in order to reach that bottom, the digital currency would now have to experience a similar price drop as from $20,000 to $6,000, thus, it seems that the market bottomed at $3,150 in December 2018.
At the time of writing this article, Bitcoin is being traded around $6,115 and it has a market capitalization of $108 billion. In the last 24 hours, the digital currency increased by 2.88% while most of the altcoins are falling during the same period of time.
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