After last week, it has become more than apparent Bitcoin is capable of turning bullish when people least expect it. To start off this week, the world’s leading cryptocurrency is still going strong, as the Bitcoin price sits at $5,230. While there is some minor bearish pressure to contend with, it seems the $5,000 level will remain in place for at least another day.
Bitcoin Price Momentum Should Continue
It is always difficult to make any accurate predictions where Bitcoin is concerned Although this currency is the market trend setter first and foremost, it is also pretty fickle even under the best of circumstances. In the past few days, Bitcoin has shown numerous bullish signs, although there has also been some sort of a retrace just prior to the weekend. Kicking off this new week on a high note is vital to keep the momentum going, and so far, it seems everything is in order.
To put this in perspective, the Bitcoin price has gained 1.64% in the past 24 hours. With a current price point of $5,233.87, it would appear there is nothing to worry about just yet. One has to be careful on Mondays, though, as there is always a good chance some traders will take minor profits and wait for a lower price level to buy back in. Some bearish pressure is forming on the hourly chart, but nothing too serious at the time of writing.
On social media, the expectations are quite steep as far as Bitcoin is concerned. Dutch_Patience expects a continuation of this bull run until BTC hits at least $5,700. It will take some time to reach that level, as it would require another 10% price increase. Considering how the $5,000 level needs to be beefed up to act as solid support first, it seems unlikely such a steep price increase will materialize in the coming days.
$BTC #BITCOIN going for the 5700- 6k area pic.twitter.com/olsFZwHi3z
— Dutch_patience (@Marcel072) April 8, 2019
WolfofMillions also has very high expectations for Bitcoin in the coming months. Predicting a price point of $15,000 or more by late 2019 seems very optimistic, even with the most recent price increase. Moreover, this user expects a new all-time high of up to $60,000 by mid-2020. Very optimistic outlooks, although nothing is impossible in this rather volatile industry.
https://twitter.com/WolfOfMillions/status/1115153545206960130
Last but not least, there simply is a lot of optimism among cryptocurrency enthusiast snow that Bitcoin has risen in value again. Q.D is happy with the current price, as it feels like when Bitcoin was at nearly $20,000. It seems some traders are happy pretty quickly these days, but that is not necessarily a bad thing either. Most people want to see this currency return to the $19,000 levels sooner rather than later, though.
When you've seen horrific lows, even the mean looks absolutely brilliant! BTC @$5200 got me feeling as good as when it was @$19700 😂😂 #BTC #BitCoin #crypto
— Q.D 😎 (@slimdame) April 8, 2019
All things considered, there is a chance Bitcoin will see some negative price momentum in the near future. Mondays are rather notorious for some bearish pressure, especially where the world’s leading cryptocurrency is concerned. A drop below $5,000 seems unlikely, albeit the $5,200 level may face some big pressure in the hours to come. Another interesting day of cryptocurrency trading lies ahead, by the look of things.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.