Bitcoin price just made a bold statement with a powerful, unexpected surge from $9,500 to $a high of $10,400for a near 10 percent percent gain. While there was a strong showing from bears attempting to keep prices at bay, the leading cryptocurrency by market cap had other ideas.
The latest rally in Bitcoin markets has the cryptocurrency world buzzing, speculating that this most recent move could be the start of a larger uptrend and more sustained surge.
There’s no denying the crypto asset’s disruptive power and potential, but what are the most critical underlying factors fueling Bitcoin’s powerful push higher? Here are the top reasons Bitcoin price is rallying once again.
Latest Bitcoin Rally Has Cryptocurrency Market Abuzz
The cryptocurrency space has been set afire by the recent Bitcoin price upsurge. The incredibly scarce, digital asset has been showing signs of a recovery, but the new rally may solidify into something more sustainable.
The Bitcoin halving flushed any weak miners out of the market, setting the stage for Bitcoin’s next big bull run. However, the spark lit by unstoppable FOMO has yet to return to the cryptocurrency space since the bubble popped in late 2017 and early 2018 – perhaps, until now.
This latest break of resistance brings Bitcoin price one step closer to its next bullish impulse and parabolic advance.
Retail buying is booming once again, and the likes of institutional hedge fund managers like Paul Tudor Jones being bullish on Bitcoin has all types of investors looking toward the future of the asset.
Momentum is picking up, and if this latest rally can maintain the strength of the trend, a new all-time high won’t be far off.
Long-Term Potential Price Targets For Bitcoin Price
In terms of just how high Bitcoin can go when the next bull market truly begins – an event that may finally be here with the new rally – predictions range from $75,000 in three years to as high as $1 million per BTC.
Rich Dad, Poor Dad author Richard Kiyosaki recognizes Bitcoin next to gold and silver as a way to avoid losing capital in an economic crisis. The investor and entrepreneur believes Bitcoin price can reach as high as $75,000.
Global macro economist Raoul Pal in the past shared a variety of “perfect” Bitcoin charts, with two out of the three pointing to valuations of $1 million per BTC.
With analysts so bullish on Bitcoin and its potential to grow in the future, the most recent rally shouldn’t come as a shock to crypto investors.
What To Do When Bitcoin Price Is Rising?
There are two strategies traders can employ to take advantage of Bitcoin’s powerful bullish impulses.
Traders can open up a long position to ride the current rally underway, or, traders can wait for a dip to take a long trade, set a stop loss below, and let the price action do the rest. The first option is the riskiest, due to the lack of a plan or strategy. The alternative isn’t without risk, however, the risk is associated with that dip never coming, and the trader being left in Bitcoin’s dust.
PrimeXBT is a Bitcoin-based multi asset trading platform that allows traders to build long and short positions to take advantage of whichever way the trend turns. Built-in charting tools means that traders never are left without a plan, or the ability to put one together quickly when Bitcoin takes off.