Bitcoin at $9,900, What’s Next For Bitcoin Price After $10,000?

Written by on May 5, 2018 in Conscious Business, Economy with 0 Comments

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By Crypto Coins News – CCN

The bitcoin price is less than $100 away from surpassing $10,000 after demonstrating a strong week of momentum and volume. In Hong Kong and South Korea, the bitcoin price has already reached $10,000.

What’s Next After $10,000?

For many months prior to November 2017, the $10,000 threshold was considered an important psychological support level for most traders, because it marked an important milestone for bitcoin. But, once bitcoin surpasses the $10,000 mark, investors will look towards the $12,000 and $14,000 mid-term support levels and anticipate a potential move from the $10,000 region to the all-time high price at $20,000.

In less than three weeks, the bitcoin price has increased from $6,500 to $9,900, after a 30-minute candle pushed the value of bitcoin from $6,500 to $8,000. The daily trading volume of bitcoin has increased to nearly $8 billion but the daily trading volume of the entire market has declined by more than $6 billion over the past two days, which signifies that the interest towards alternative cryptocurrencies (altcoins) and tokens have moved to bitcoin and Ethereum, two of the most valuable cryptocurrencies in the market.

In periods of extreme volatility, market change, and recovery, major cryptocurrencies tend to outperform tokens, because investors try to minimize risk. But, if bitcoin and Ethereum continue to sustain their strong momentum, it is likely that the altcoin season will emerge in the short-term, as investors start to take more risks and place large orders on tokens.


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