Despite facing increased levels of downwards pressure earlier this week that temporarily put Bitcoin’s upwards momentum in jeopardy, the cryptocurrency has been able to continue surging upwards and is now nearing the low-$8,000 region, which is the point at which BTC incurred significant selling pressure a few days ago.
At the time of writing Bitcoin is trading up nearly 8% at its current price of $7,915, up significantly from its 24-hour lows of $7,250.
Over a one-week period, BTC has incurred some choppy price action, surging from lows of $6,800 to highs of $8,300 before reeling back to below $7,000. Since dropping below $7,000, Bitcoin has been able to build greater buying pressure that has allowed it to continue its upwards ascent.
The recent series of upwards movements have led to a drastic shift in market sentiment, as many analysts and traders alike are currently expressing an overwhelmingly bullish sentiment regarding the aggregated crypto markets.
Joseph Young, a popular figure within the cryptocurrency industry, told his nearly 100k followers that BTC’s rapid recovery towards $8,000, in spite of the recent pull back, is a testament to the positive market sentiment.
“Bitcoin dropped to $6,400 on May 17 triggered by a 5,000 BTC sell order on Bitstamp that led to massive BitMEX liquidations. Rapid recovery to $8,000 is a testament to how positive the sentiment around the market is currently.”
Rapid recovery to $8,000 is a testament to how positive the sentiment around the market is currently.
— Joseph Young (@iamjosephyoung) May 19, 2019
Analyst: BTC May Be Heading Towards $10,000 Next
Although most analysts and investors are currently bullish on the markets, it still remains unclear as to where Bitcoin will surge to before incurring enough resistance that halts its upwards momentum.
“Bitcoin heating up for $10K,” he told his followers.
— Crypto Rand (@crypto_rand) May 19, 2019
As the weekend wraps up and the fresh week begins, traders will likely gain greater insight into whether or not this current rally truly has the makings of an early-stage bull run, or if further consolidation is necessary.
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