The Bitcoin (BTC) price on Tuesday, May 14, exceeded the psychological mark of $8,000 for the first time since July 2018. At Bitstamp, BTC recorded a ten-month high to hit $8,335.
In the past 30 days, the Bitcoin (BTC) price has recorded more than 65 percent increase. Due to the fear of missing out, investors in the global market, plus a massive increase in volume of leading virtual currency platforms such as BitMEX, and markets like CME adds to bullish momentum.
In December 2017, Bitcoin price was more than $19,000 then the price moved down to slightly over $3,000. Throughout 2018, the Bitcoin (BTC) price maintained a relatively low range. Since the start of 2019, Bitcoin has started recording massive growth; a signal for a strong bull run.
The bull market is already here. The CEO of BitMEX, Arthur Hayes, announced a new record of trading volume at the exchange. He said “New record for BitMEX trading volume. Praise be the volatility and our wonderful traders.”
Microsoft also talked about the launch of a decentralized identification tool on the Bitcoin blockchain.
The war between China and the United States has stirred up the intensification of investors’ interest in cryptocurrencies. Another reason that positively influences the crypto market is the consensus blockchain conference.
An analysis of the technical factors of Bitcoin growth indicates that overbought to a certain degree.
A triangle figure formation is another pattern that shows a possible rollback of BTC to the nearest support level at $7,785. Bitcoin is trading at $7,998, but we should expect a needed correction until the end of the week to around $7,800. The price is expected to be about $9800 at the end of the month.
Although predictions always miss the point, they give the general feel of the market.
Do you think the Bitcoin price will keep increasing?
You may also be interested in: