The leading cryptocurrency by market value rose above $9,920 on Bitstamp earlier today, retracing more than 40 percent of the drop from the record high of $19,666 reached in December 2017 to the low of $3,122 hit in December 2018. The global average price, as calculated by CoinMarketCap, is just $150 away from achieving that milestone
While it was only a little more than six months ago that Bitcoin price was trading in the low $3,000s, where it set its bear market bottom and multi-year low, already the crypto asset is trading at over three times the value it was such a short time ago.
With such rapid growth, the first-ever cryptocurrency shows no signs of stopping, has avoided any significant corrections, and if such a growth rate keeps up, Bitcoin may never again trade below four digits, making right now potentially the “last opportunity to buy BTC below $10K.”
As of writing, BTC is changing hands at $9,920 on Bitstamp – the highest level since May 2018 – representing 31 percent gains from lows near $7,500 seen on June 10.
But here we are, and Bitcoin is once again flirting with critical psychological resistance at $10,000, and a break above could spark a brand new bull run.
In fact, the momentum Bitcoin has built up thus far has caused its 200-week moving average – the same important indicator that acted as support near the bottom – has begun to grow at such a high rate, that the price per BTC may never again trade below $10,000 soon after it goes above it.
According to crypto analyst PlanB – a reference to Bitcoin – the asset’s 200-week moving average has once again started to grow at a rate of 5.8%. Past patterns have shown that this rate only increases during a bull trend – and arguably, the next bull trend hasn’t fully even started yet.
It is worth noting that the cryptocurrency is up nearly 140 percent on a quarter-to-date basis (from April 1’s opening price). The bulls usually take a breather following such stellar rallies.
So, a sudden correction cannot be ruled out. That said, the outlook would turn bearish only if the price violates the bullish higher lows pattern with a move below $7,500