Bitcoin broke above the iconic $10,000 level and has steeply moved towards $11000. The price of Bitcoin [BTC] at 3: 30 hours UTC on 22nd June 2019 is $10,779. Another 5% rise will drive the market capitalization above $200 billion. Gold broke 5-years high as traded above $1400, gaining 4.54% on a weekly scale.
Bitcoin [BTC] had entered the bull market in May 2019; the price rose exponentially above $4200. The rising interest in the emerging asset and belief in the system driven by the apprehensions about the global economic crisis fuelled the rise.
Furthermore, this week acted as an active catalyst with the awareness and viability of cryptocurrencies increased by the release of the Whitepaper of a Libra. The announcement has brought Governments and major Central Banks into immediate action. Dovey Wan, crypto analyst noted,
We should thank those crypto bandwagon like FB/JPM etc, eventually all the hype they generate will fuel ⛽️ a macro long term bitcoin bull case
The economic turmoil has also been positive for Gold. It broke above the 5-year high near $1400. Gold is the oldest uncorrelated asset in the market. According to Peter Brandt, an experienced chart analyst Gold could double up from here. He tweeted,
“# establishes target of 2637 $ has rung a bell announcing every major move in its modern history. Gold rang the bell loud this week $“
Nevertheless, while the year to date rise in Gold was around 10%, the increase in Bitcoin is higher than 150%. Bitcoin has currently entered a territory that is highly bullish and would scare of most bears at the moment. The bullish flag target of Bitcoin is at $11000; however, FOMO could drive the price to new all-time highs. Richard Heart, crypto-analyst and angel investor tweeted,
# is up from $4k to $10k in 80 days. At that rate $20k is just 4.5 months away.
However, Ran Neuner, popular crypto-journalist noted about the rise in 2017,
Last time, $10k-$20k took 18 days.
Nevertheless, Vinny Lingham, another crypto-analyst sees massive resistance at $12000.
Would Bitcoin see another accumulation period before $20000? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com