Bitcoin Surges, Approaching $7k Mark

 

 

 

 

 

Bitcoin’s price has surged in the last 24 hours, pushing past $6,900 and approaching the $7,000 mark. The world’s most well-known cryptocurrency’s sudden price bounce also appears to have buoyed the broader crypto markets, as other major coins like bitcoin cash, Ethereum, and Litecoin all enjoyed roughly double-digit price increases during that same period.

The rally comes amid signs of renewed positive sentiment about cryptocurrency, as some analysts have indicated expectations for a Bitcoin rally ahead of 2020’s halving event. As Forbes reported today, Canaccord Genuity investment analysts recently told their clients that an anticipated Bitcoin recovery “may be slightly ahead of itself.” According to those researchers:

"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 little fundamental basis, we note that bitcoin does operate on a four-year cycle of sorts, as the halving of bitcoin’s mining reward occurs approximately every four years.

 

Bitcoin has started to form the spring 2019 bottom we began mentioning last year, although a close look at the chart suggests the recovery may be slightly ahead of itself. Looking ahead, if bitcoin were to continue following the same trend, the implication is a slow climb back toward its all-time high of ~$20,000, theoretically reaching that level in March 2021."

At press time, Bitcoin’s price was holding firm just below $7k, at $6,953.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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