Bitcoin Breaks Past $8,400 In A Spectacular Fashion
And just like that, Bitcoin (BTC) has broken out at last. In the past hour, the cryptocurrency has surged by approximately 7%, moving from $8,050 to $8,620 in a rapid move to the upside, passing resistances like they were nothing more than soggy pieces of parchment paper. The chart seen below sums the recent move up pretty well: a massive buying surge out of left field that pushed BTC beyond what many expected.
With this move, much of the cryptocurrency community have taken to Twitter to issue classic “I told you so” quips and cheery comments of a similar sort. Quips aside, this move marks a monumental point in the current market cycle. As Josh Olszewicz of Brave New Coin notes, BTC just broke above an ascending triangle, which was situated at a yearly pivot ($8,400). If Bitcoin closes above $8,400 on the daily or weekly resolution, it may suggest that this market could be poised to head even higher.
Ethereum Looks To Replicate Bitcoin’s Success
Interestingly, Ethereum and other altcoins didn’t replicate Bitcoin’s sudden spike to the upside. In fact, with this move, most popular altcoins, including Ethereum, Litecoin, and Binance Coin, lost traction against BTC. But, one analyst, who goes by “Mr. TA” suggests that Ethereum may soon break out alongside BTC. He explained that if the asset gets above $261 and $274, $300 will be inbound.
After this move, many took to Twitter to postulate what’s next for the cryptocurrency market. According to popular analyst Galaxy, Bitcoin may soon see $11,000; Ethereum, $400. Of course, this is baseless speculation. Yet, considering the current dynamics in this nascent market, it wouldn’t be all too shocking to see digital assets continue to post jaw-dropping gains into late-May and early-June. The question is — where and when will the party end?
Title Image Courtesy of Samuel Zeller Via Unsplash