Bitcoin is jumping back to last week’s territory.
Bitcoin Is Once Again Surging Up
The world’s number one cryptocurrency by market cap gave everyone a bit of a freak out over the past few days when it fell from the $10,000 ranged it had so prominently reached to about $9,600, dropping by about $800 in just a matter of days. Many wondered if the rally was at an end, and bitcoin was about to be overtaken by bearish activity.
This doesn’t seem to be the case, as the currency has suddenly jumped back up into the high $9,000 range. At the time of writing, bitcoin is trading for well above $9,900, and $10,000 should be reached within again the next day or two.
Naturally, we’ve got a lot of crypto analysts out there discussing how high the cryptocurrency could potentially go in the coming weeks. Max Keiser, for example, is a filmmaker and broadcaster that has dedicated much of his time to the behavior of bitcoin and assorted cryptocurrencies. In a recent showing of his talents, Keiser has stated that the currency could reach as high as $400,000.
This is a major surge from the $100,000 he initially predicted in 2012. He’s now saying that the currency will attain four times that size, and anyone expecting anything less is not familiar with the properties and applications of bitcoin. He marvels at its size and scope over the years, and believes nothing will stand in its way, stating that $100,000 is “too conservative.”
In an interview, he said:
The good news… is that bitcoin at $10,000 or $9,300 is equally as attractive as it was when it was $100.
His words are a commentary on the fact that bitcoin will likely never lose its fans, and that the leader of all crypto is likely to experience ongoing popularity.
In addition, bitcoin appears to be garnering a lot of newfound support. Technical charts for the cryptocurrency show the presence of a golden cross, which suggests that a major rally is heading its way. This is the exact opposite of the death cross that was predicted not so long ago. It’s unclear what would stir such a change in such a short amount of time, but several analysts and enthusiasts on Twitter believe that bitcoin is about to be more bullish than ever before.
Not Everyone Is in Agreement
One trader commenting about the cross is “Crypto Bull,” who recently stated on social media:
Ladies and gentlemen, let me present the golden cross! The last time this happened was April 24, 2019 at $5,400. Before that was October 28, 2015 at $300.
However, not everyone is convinced. Changpeng Zhao – the CEO of Binance – comments that this is simply a “healthy retrace” of the currency’s former steps, and that users need to calm down.