World’s biggest cryptocurrency in terms of market capitalization bitcoin came back to life after it broke its inactivity below the $4,200 level and shooting past the $5,000 mark in the subsequent time. Currently standing at around $5,231, the asset has now its eyes set on the $5,400 mark and $6K. Crypto trader by the name of Tyrion Coinister shared his views over Twitter and said;
“$BTC shaking out all the weak hands. Support is turning out to be stronger than resistance. Getting over the $5350 hump will send us to $6K …”
He pointed out that the support levels for the asset are proving to be much stronger than the resistance levels as the asset has been rising and breaking its resistances continuously in the past few weeks.
— Tyrion Coinister (@Crypto_Maester) April 16, 2019
Getting over the $5,350 is seemingly an important milestone if the asset wants to gain a bullish trend. Currently, the asset is showing major greens overall since yesterday. The crypto winter period that lasted for quite a few months is finally over with cryptos gaining more and more attention overall. Besides bitcoin, altcoins are also showing major upticks.
Some experts believe that the digital asset has entered its bull-run period which is likely going to persist now for quite some time. Talking to BlockPublisher, the chief executive officer ICOAxiom, Henry Stanley said regarding bitcoin’s price by the end of the year:
I believe the bull market has kicked in in the crypto space and the price of bitcoin will finish the year around $10,000.
The value of bitcoin overall is also thought to be growing by many experts and crypto enthusiasts regardless of its price. John McAfee, the famous cybersecurity expert and a crypto-bull, believes that the current price of the digital asset does not reflect the intrinsic value carried by it. Talking to the founder and partner at Morgan Creek Digital, Anthony Pompliano, he said:
I don’t care if its a penny today, it’s going to be 2 million dollars very soon…What’s happening in the market has nothing to do with the reality of its value.
The confidence in the world’s largest cryptocurrency is slowly growing. Although the general connotation attached with bitcoin is negative in the media in terms of its usage, one of the leading news sources of the world Forbes even named it the new gold in one of its articles. With the price rising, people are getting interested in the prospects offered by bitcoin.
As developments are made in terms of technology and regulation, it is expected that more people and institutions will be getting involved with the asset and hence, it might take the asset to a price as predicted by McAfee. Let’s just see how events unfold with the passage of time.