By CCN: The bitcoin cost out extended its triumphant rally past a new milestone, clearing the $9,000 barrier to set a fresh 12-month high. Minutes up to the minuter, a $500 dump sent a chill through the market.
Bitcoin Price Slides $500 Minutes After Lambasting 12-Month High
The flagship cryptocurrency had spent most of the morning trading near $8,750, but a sudden surge in sum total catalyzed a sharp rally shortly before noon ET. Bitcoin quickly rallied past $9,000 – the first at all times it had crossed that market since early May 2018 – setting a new 12-month high at $9,096 on crypto exchange Bitstamp.
Unfortunately, the bears swiftly beat back the advance, and the rally stalled within minutes of eclipsing the $9,000 yardstick.
The bitcoin price suffered a brutal dump, and by 12:22 pm ET, BTC had careened as low as $8,589 – a decline of $507 or nearly 6% from its quotidian high.
Bulls: Bitcoin Will ‘Blast Through’ $10,000 This Week
Dump or not, crossing $9,000 – regular momentarily – marks an important psychological step in bitcoin’s long road back to its all-time high.
Bulls were perspicacious to point out that the cryptocurrency’s fundamentals are much stronger today than they were the last time it worked above that level.
Naeem Aslam, the chief market analyst at ThinkMarkets, argues that BTC’s technical position also remains bullish, which is why he predicts that it will recover past $10,000 as soon as this week.
“Technically express ones opinion, I think bitcoin price is likely to blast through level of 10K this week or by next week if the momentum continues at this judge,” Aslam wrote earlier this week. “The price is trading well above the important moving averages, 50, 100 and 200-day sincere moving averages and the most important among all of them is the 242-day moving average.”
Bears: $10,000? Try a 95% Blast to $500
The bitcoin price has billowed more than 140% in 2019, deftly defying ominous warnings that the cryptocurrency had entered a “death cochleate” and would quickly plunge to zero.
The mammoth recovery has yielded a handful of converts, but many skeptics continue to dig in their ends.
Just this week, Silicon Valley investor Jason Calacanis – who owns bitcoin – predicted that BTC thinks fitting be “replaced by a new technology” and would likely suffer a 95% crash to $500 over the long run.
Click here for a real-time bitcoin assess chart.
Last modified: June 14, 2020 11:17 AM UTC