Bitcoin succeeded in breaking its resistance. Considering the price increase in all cryptocurrencies, the limit of the market of cryptocurrencies ecosystem has increased to $200 billion.
Bitcoin faced a price descending trend during a year, but the recent sudden increase in prices has caused the fear of losing FOMO among other people who lagged behind in this area and even made more price increase too. Vinny Lingham, CEO of Civic Key and one of the fans of Bitcoin, has stated his opinion regarding current price increase and the possibility of its persistence in the future in a twitter post.
At the time of publishing this news, Bitcoin was traded a few dollars lower about $6700. The Bitcoin market cap was $100 billion for about more than a week, and in addition to this antecedence of Bitcoin, it has reached 59% which it has surpassed one and a half year from the last time it has experienced such an increase. Moreover, its recent 24-hour price change has been 7%.
Will Bitcoin Break Its Resistance?
Except Vinny Lingham, many veteran traders believed that $6200 is Bitcoin’s big resistance key; however, some believe that $6100 to $6700 is the resistance of Bitcoin. In November, the support price decreased from $6400 to $3200. After starting improvement time, Bitcoin was able to raise its price to more than double.
Bitcoin price has now broken the resistance limit; however, if Bitcoin price succeed in surpassing resistance, it will result in a dramatic price increase.
What Will Occur for Bitcoin?
In spite of many theories, it is not yet clear what behind the performance of Bitcoin price is. Peter Brandt, the old trader, believes that Bitcoin will have a parabolic rally in the future, which will be a very glorious movement and it will reach the price of Bitcoin to $50000.
Further, Michael Novogratz, founder, and CEO of Galaxy Digital, added that the Bitcoin price would be tripled in the process of ascending market and surpassing $20000.
The others point to this price increase. As the conducted survey for Fidelity investments shows, 47% of the institutional investors believe that the cryptocurrencies have the value to be invested in, and also 22% of them have some of the cryptocurrencies. Bitcoin, too, intends to break the resistance by ignoring negative news along with price increase.
Moreover, Adaptive Capital head of research David Puell has predicted that Bitcoin has the potential to enter $7000 to $8000, but for this increase, it needs a very strong stimulator.