By : The bitcoin price pounded to a new 12-month high on Sunday, slamming past the $8,750 mark in a vicious move that looks undeniably parabolic.
bitcoin Price Surges to New 2019 High
The bitcoin price smashed past $8,500 on Sunday, ascending as high as $8,800. | Source: BitcoinWisdom.io
Less than an hour ago, the flagship cryptocurrency was struggling to hold the $8,000 mark, and it looked like BTC would exit the weekend trading near that threshold.
That changed, almost in an instant, when the suddenly surged more than $600, easily topping the $8,500 level en route to setting a new high for 2019. An unfettered BTC continued to soar, eclipsing the $8,800 mark on Bitstamp shortly before press time.
New All-Time High Creeps Closer to the Horizon
Even more significantly, the surge awarded bitcoin a green yearly candle, meaning that investors who purchased BTC one year ago today could now sell at a profit.
Crypto investors who bought BTC on May 26, 2018, are finally in the green. | Source: OnChainFX
Altogether, bitcoin has rallied a staggering 120% in 2019, and many bulls will likely take today’s triumphant march past $8,500 as evidence that BTC could challenge its Dec. 2017 all-time high sooner, rather than later.
When the bitcoin price earlier this month, eToro Senior Market Analyst Mati Greenspan said that the painful correction would afford us the opportunity to determine whether the crypto market had truly embarked on a bull run.
“If the pullback does reverse now and we continue past the recent highs, there is virtually no major levels of resistance until $20,000,” he said.
Today’s sudden price spike appears to meet those conditions.
Skeptics, such as over at the Motley Fool, allege that bitcoin is trapped in a “dead-cat bounce” that will only add insult to injury to shell-shocked cryptocurrency investors.
However, the crypto critics have been wrong before. .
Click for a real-time bitcoin price chart.
Published at Sun, 26 May 2019 20:10:25 +0000