Analysts Believe Bitcoin is Likely to Surge Past $9,000 in Near Future as Upwards Momentum Builds
May 22, 2019 @ 11:17 UTC
The crypto markets have undoubtedly been in an uptrend over the past several weeks that has allowed Bitcoin to set fresh year-to-date highs in the mid-$8,000 region, and despite facing several pieces of somewhat bad news, BTC has continued to surge higher.
Analysts now believe that Bitcoin is likely to surge into the $9,000 region in the near-future, which may be sparked as soon as BTC surges past its current resistance level around $8,200.
At the time of writing Bitcoin is trading up nearly 2% at its current price of $7,950, up from its daily lows of $7,700.
Over the past week, BTC has incurred some choppy trading that has caused it to trade between a wide range between roughly $7,000 and the lower-$8,000 region, with support existing at the former price and resistance at the latter.
Bitcoin’s upwards momentum that has allowed it to climb from yearly lows of just above $3,000 towards its current price levels have been overwhelmingly bullish, and has persisted in the face of several somewhat negative revelations, including the New York Attorney General’s accusations of fraud against Tether/Bitfinex, and yesterday’s delay of the VanEck/SolidX Bitcoin ETF application.
Currently, the next level of resistance that BTC must surge above exists around $8,200, and if this level is broken, the cryptocurrency may surge to fresh year-to-date highs around $9,300.