Bitcoin (BTC) will be in the green for two consecutive weeks if it stays above $8250 for the remainder of today. Bitcoin has been steadily rising after its miraculous volume on April the 12th which took it out of a channel downtrend according to many analysts. In fact, Bitcoin has risen by over 35% in the last two weeks, with several strong upticks. One of these includes Friday the 20th, where Bitcoin rose from $8500 to over $9000 in a matter of hours, according to coinmarketcap.com.
At press time Bitcoin is testing the resistance of $9000 and has done on several occasions, with only $60 left before it hits that mark again. Therefore if current levels hold, Bitcoin will shun losses for two weeks straight. This hasn’t happened since the all-time high level of $20,000 on December 17th.
There is much optimism returning to the markets, and therefore many prominent faces have declared a return of the bull market. However, not everyone is convinced, including Tony Vays a serial trader. In his video, he called for caution on assuming the 2018 downtrend was over and claimed that the ‘bearish’ trajectory wasn’t quite over. He also said that he ‘expected lower lows,’ to reappear in the future.
Vays did claim last week that levels over $8600 would instantly cause a correction to levels of $6500, something which as of yet has not come to pass.
There are still many bullish voices, however, including Saxo Bank who claimed that BTC had many ‘springboards’ in the ‘short-term’ to push its price higher. Many other people have weighed in and who can forget John McAfee’s infamous claim of $1 million by 2020. For the moment, the sentiment is mainly bullish within the crypto community, but it is unsure how long it may last.