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Bitcoin [BTC] breaches $7000: Analysts call potential bull run

Anirudh VK

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Bitcoin [BTC] breaches $7000: Analysts call potential bull run
Source: Unsplash

Bitcoin [BTC] has just breached the $7000 mark. After an extended period of sideways movement, the coin raced past the $7000 resistance. The reduced amount of volatility seen in the market meant that a bull run or a bear run was coming, say analysts.

Bitcoin [BTC] saw a straight green from $6793 to $7385 in under an hour and had the whole market reeling with enthusiasm. The price stayed constant around the $7300 mark since the hike. The coin also saw a secondary rally off the momentum of the first one, going up to $7498.

Bitcoin is currently trading at $7423 with a market cap of $127.2 billion and has seen a rise of 10.26% in the past 24 hours. BTC currently dominates 43% of the cryptocurrency market.

6-hour price graph | Source: TradingView

6-hour price graph | Source: TradingView

7-day price graph | Source: CoinMarketCap

7-day price graph | Source: CoinMarketCap

Crypto-influencer John McAfee stated:

“Bitcoin – $1,000 increase in one week. Is this the bull market? I have no clue. 10 such increases in succession and I will consider it Bull. In the meantime, know this: The Bull Market IS coming. And when it does, it will make the eruption of Krakatoa seem like a Meerkat’s burp.”

Justin Albert, a crypto-trader and analyst, said:

“The sudden breakout was predictable, considering how the price has been moving sideways for a long time now. Even though there has been a lot of pressure to sell as the coin went down, we are past the panic sell phase and moving into a bull run. This is a good entry point.”

User Philip Eugene on Twitter stated:



“Cryptocurrency are like airline passengers on a delayed flight. Flights get delayed due to several reasons like storms & other reasons. But eventually ones this reasons resolves, the flight continues..”

BashCo, a Reddit user says:

“We’re very close to reaching the Golden Cross (counterpart to the Death Cross that occurred 1 month ago). I consider this to be very bullish because I expected the bear trend to last longer. Some people think the 2017 bull run is still in play.”

Anthony George, a crypto-enthusiast says:

“I don’t see a point in being excited so soon. We all know how it’s going to be. Everytime Bitcoin [BTC] breaches a new mark, people start selling it and the price drops again. I think the real deal is when people stop being so hyped about the new high price and clam down. That’s when you’ll see a more stabilized hike.”





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Bitcoin

Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%

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Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.



Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”





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