Bitcoin Corrects After Reaching 2019 High At $7,500

The price of Bitcoin is everywhere in the latest cryptocurrency news after reaching its yearly high and all time high over the past 8 months at $7,500 – discovering a world full of possibilities. However, we can now see how Bitcoin corrects and stabilzies in the $7,000 region.

On top of this, Bitcoin grew its dominance rate which went above 59% for the first time in months, proving that the bull run is led primarily by Bitcoin. In the altcoin news, we saw a majority of top assets posting double-digit gains including the names of Bitcoin Cash (BCH), Litecoin (LTC), EOS (EOS), Ethereum (ETH) and Bitcoin SV (BSV).

Despite the fact that Bitcoin corrects as we speak, it’s interesting to see what actually triggered this continuous climb to $7,500 which was achieved very easily. As analysts say, the continuous climb came in the wake of improving the buying sentiment and the technical forecasts. Fidelity Investments, which is a Boston-based asset management firm, last week announced that it would add Bitcoin trading to its list of institutional investment services.

Meanwhile, the technical data confirms that Bitcoin corrects and identifies the end of a very strong bearish phase (in fact the strongest one that lasted for months. As many best cryptocurrency news sites report, the trend shift was eyeing a Bitcoin price recovery from its oversold territories.

At the same time, bullish analysts are in the news for strengthening their long-term upside targets. The coming altcoin news show that besides Bitcoin, there are many altcoins to watch out for. Speaking of, Ethereum (ETH) crossed $200 in this morning’s bull run but followed the decline as Bitcoin corrects.

According to a research note made by a Vancouver-based firm called Canaccord Genuity, BTC could continue its bull trend over the next 24 months. As the company wrote:

“Now four months into 2019, we note for the third time the striking similarity in bitcoin’s price action between 2011-2015 and 2015-2019. While this simple pattern recognition has a little fundamental basis, we note that bitcoin operates on a four-year cycle of sorts, as the halving of bitcoin’s mining reward occurs approximately every four years.”

Currently, the BTC price is settled at $7,100. As Bitcoin corrects, analysts are shifting their price targets from the $8,000 region (which was a price target this morning) to $7,400 and $7,500 as the next key milestones.