2018-9-4 13:59 |
August was a thrilling month for all crypto investors. Bitcoin, the world’s largest cryptocurrency in terms of market value, plunged by more than $1,400 in less than 10 days, which is a steep drop by any standard that it caused many traders to fear that it might breach the $6,000 mark. Thankfully, those fears never materialized, and the token was able to recover quickly. But that’s not all, some experts believe that Bitcoin will continue its rally until it eventually reaches $10,000.
Bitcoin Back in Bullish TerritoryIt was an eventful month for Bitcoin holders. The cryptocurrency, which traded at around $7,603 at the start of August, suddenly plunged to $6,143 on Aug. 10. That’s a drop of $1,460, which meant that Bitcoin lost more than 19 percent in value in just nine days.
Of course, the steep drop started a lot of speculations, most of them negative by the way, such as the nasty possibility that BTC might even slide further to $4,000, according to a report by Express. Investors breathed a collective sigh of relief when the coin showed surprising resilience and inched higher in the following weeks until August ended, with the token trading at $7,013. As of this writing, the token is trading at a comfortable $7,300 range that some experts are now saying that Bitcoin is finally back in bullish territory, as reported by Hacked.
Rally to $10,000 Still PossibleBut the best is yet to come, according to an expert who remains optimistic that Bitcoin could still rally further this year. Michael Moro, CEO at Genesis Trading, said that the coin might still go further and even reach $10,000, as reported by Express.
However, Moro believes that the road to $10,000 will not be abrupt. The crypto trader believes that Bitcoin’s journey this time will be “slow and steady.” Moreover, these are crucial times for Bitcoin’s recovery. Moro says that for the bullish sentiment to remain, the token’s price must be able to hold at $7,150 in at least a week. If BTC passes this test, Moro believes it’s the right time to buy. He said:
“I think the key level is $7,150, to be more exact, but if we can hold that next week, I do think we will see a sentiment turnaround in the market … If the 7k level holds for the next week or two weeks, the bulls will 100 percent be back.”
Bitcoin Could Rally to $10,000 But Must First Be Able to Hold at $7,150 for a Few Weeks, Says Expert was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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