Bitcoin Price Slays $8750, Hits 12-Month High in Sudden Parabolic Swing

Bitcoin Price Slays $8750, Hits 12-Month High in Sudden Parabolic Swing

By CCN: 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 bitcoin price 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 plummeted below $7,000 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 this writer 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. Many, many times.

Click here for a real-time bitcoin price chart.

Published at Sun, 26 May 2019 20:10:25 +0000