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Bitcoin’s Price Rises above $8,300 as Bull Run Seems Likely

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by Christopher Hamman · 4 min read
Bitcoin’s Price Rises above $8,300 as Bull Run Seems Likely
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Bitcoin’s price has set a new record in 2020. Many analysts believe that a bull run is here. Others think that the price movements may reverse as well.

Bitcoin’s price rises again. Many pundits have indicated that this has created a new paradigm where Bitcoin’s price is now finding new support levels. This also means that a bullish trend may be in the offing although many think that this isn’t so. 

Bitcoin’s prices have been under severe pressure lately. The downward trend suggested that prices may have finally fallen to less than $5,000 or even worse indicating the lack of footing for a support level. These fears, however, were dispelled as Bitcoin’s price rose and several cryptocurrencies traders noted that a bullish trend may be underway.

The retracement which took place on Tuesday also cleaned out several short positions of cryptocurrency traders who had used historical price analysis to predict a bearish trend at this particular time of the year for Bitcoin prices.

Cryptocurrency Traders Expected Bitcoin’s Price Rise

Bitcoin’s price rise wasn’t unexpected though. Many cryptocurrency traders had been waiting for Bitcoin prices to settle at $8,000 for a support level before a major breakout. For now, it seems like they were right about their expectations. This though also remains yet to be seen as volatility of Bitcoin prices is still high within the crypto space. 

Bitcoin dominance is not helping either as higher levels of Bitcoin dominance within cryptocurrency markets aren’t giving the altcoins any breathing space. With a market dominance of 69.1% Bitcoin is an investors’ darling at the moment. This will also put pressure on the prices as investors believe that the first of the cryptocurrencies offers greater assurance of the safety of funds than the altcoins that have a wide variety of uses. 

Bitcoin’s Price Rise May Reverse

Other analysts support this bull trend for Bitcoin’s price rise. They, however, believe that the new trend is only for the midterm before the battle between the bulls and the bears returns to the fore. 

Similarly, others think that Bitcoin’s price rise may not be the beginning of a Bull run as several factors are still against the recent retracement. Pundits have indicated that the upward momentum for Bitcoin prices has slowed since the retracement that saw Bitcoin prices rise by 4%. 

This has led many pundits to believe that a reversal in momentum is likely. 

Other Traders Expect a Bitcoin Price Reversal

Other cryptocurrency traders believe that history will repeat itself and Bitcoin prices will reverse sharply to pre-retracement levels. 

These traders think that $8,000 is a key resistance level rather than a support. They also believe that volatility is hiding the true nature of Bitcoin prices at the moment. This has also created a situation where speculation rules rather than solid technical analysis. Based on the varied opinions on Bitcoin’s price rise, it can be inferred that most of the cryptocurrency traders are still unsure of where Bitcoin prices are going. 

2020 holds significant events for the crypto space. One halving event is going to occur this year. Significant changes in the regulation of the cryptocurrency space by governments are also here. Geo-political situations including a potential war between the U.S, and Iran are also set to occur. After the Iranian missile attack, the price has moved above $8,400 which is a new record for 2020.

These all haven’t been factored into the calculations of many cryptocurrency traders. As the best traders know everything can’t be seen from one perspective alone. The technical analysis must always be accompanied y solid fundamental analysis before a decision to trade can then be made. As the Japanese say: “The reverse side also has another side”.

At the moment of writing, Bitcoin price remains at the level of $8,317.40. This is a +5.16% change in twenty-four hours.

Bitcoin News, Cryptocurrency news, News
Christopher Hamman

Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.

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