Is $500k Bitcoin a Pipe Dream? This Chart Says Absolutely Not
Bitcoin investors were pleased to find yesterday that BTC’s bulls have come out swinging and are now pushing the cryptocurrency’s price towards the psychologically critical price level of $10,000, which is just a hair above its current price.
Although in the short-term Bitcoin is certainly bullish, over the long run it is incredibly bullish, and one chart even points to the possibility that it will one day be trading at $500,000.
Bitcoin Climbs to $9,850, But Faces Some Resistance
At the time of writing Bitcoin is trading up over 5% at its current price of $9,850, up significantly from 24-hour lows of $9,300.
This massive upwards momentum marks a continuation of the buying pressure that BTC first incurred in early-April that led it to surge from lows of $4,000. It is now abundantly clear that the cryptocurrency is currently in the throes of a bull market, but in order for it to surge higher it is critical that it breaks above $10,000 in the near-future.
Late-yesterday, the crypto quickly surged to highs of $9,900 where it faced some levels of resistance that pushed it down slightly.
Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about the resistance that lies between BTC’s current price and $10,000, noting that bulls will have to decisively push its price above $9,948.
“$BTC #Bitcoin Daily – Moving like a champ – In order to hit $10,000 this will have to break the May 5th 2018 high of $9948,” he explained.
— Big Cheds (@BigCheds) June 21, 2019
Analyst: Don’t Be Surprised if BTC’s Price Surge Exceeds Expectations
Although $10,000 remains a short-term battle for BTC, long-term it may have significantly further gains in store, and one chart is signaling that a move to $500,000 is not only possible, but plausible.
HornHairs, another popular crypto analyst, shared an overwhelmingly bullish sentiment in a recent tweet, explaining that if the next bull movement mirrors that seen in 2017, then Bitcoin could soon be surging way past its previously established all-time-highs.
“The last time price pierced the bearish cloud on the weekly for the first time after the end of a bear market, price went on to increase >5000%. Should history repeat, that would put price at $500k at the end of next cycle. Sounds ridiculous, but so did $20k,” he explained while referencing the below chart.
The last time price pierced the bearish cloud on the weekly for the first time after the end of a bear market, price went on to increase >5000%.
Should history repeat, that would put price at $500k at the end of next cycle.
— HornHairs 🌊 (@CryptoHornHairs) June 21, 2019
Although it is too early to get excited about the possibility of there one day being a $500k Bitcoin, in the near-term it does seem as though bulls are in full control, which likely means that the world will soon see BTC one again break into the five-figure price region.