It seems like the bulls are back in their territory as Bitcoin price breaks through $6,000 – showing that a new uptrend is here. As Bitcoin breaks through this critical level, the enthusiasm is returning to the crypto industry and the path of BTC is featured in the latest cryptocurrency news literally everywhere.
What’s interesting is that despite the recent Binance hack, the market is responding positively and preventing any shocks from occurring to the market. As the Bitcoin price breaks through $6,000, analysts predict that the bulls are unstoppable. On a side note, this level has been closely watched for some time which is why a bounce through it has been long-awaited.
According to Tim Enneking of Digital Capital Management and his statement given to Forbes, a clear break would lead to further gains in the dominant currency. As his statement shows (while the Bitcoin price breaks through even more):
“6k will probably [be] a tough nut to crack, but once it definitively falls, there will almost certainly be a strong surge higher.”
John Todaro from TradeBlock also commented the Bitcoin bull run and said that the momentum right now is incredibly strong. As he said:
“The market over the past 1-2 months has seen significant upward momentum and has brushed off numerous negative headlines within the space. If we break above the $6,000 level, we could continue to trade higher as momentum builds and negative news reports have a limited downward impact.”
As many best cryptocurrency news sites show, Binance is still the world’s largest cryptocurrency exchange – but also an exchange whose hack did not manage to stop BTC from going above $6,000. Seeing that the Bitcoin price breaks through $6,000, it is safe to assume that new freshly year highs will be established – and are in fact already being established.
At last, it is very hard to come up with a solid reason to bet against Bitcoin’s bounce through the $6,000 level. Analysts are uncertain if the trend will continue and if a new, stronger BTC bull run is here. The main threat looks to be overbought conditions – but shorting BTC in such mood has historically meant trying to hold back the tide.
In the altcoin news, we are also seeing major increases, triggered by Bitcoin’s price trend.
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