2017 was a special year for Bitcoins, as the prices soared to an all-time high and were on an ever-increasing growth rally. The currency started off at around $970 and went up to over $19,000. However, the price fell post that as a major resistance came along. A new analysis from analyst TomProTrader now suggests the Bitcoin price will soon cross $19,000 again.
Bitcoin is perhaps the most popular cryptocurrency and one which has a massive awareness around it. While almost every major altcoin has witnessed a boom in their prices, Bitcoin has been relatively stable for the past couple of weeks. It has been showing a stable growth. An expected resistance at $16,000 was overcome by Bitcoin with relative ease and it is now expected to go beyond $19,000 soon.
The analyst comments that the new support line will now be $14,800, up from $12,600 over the last couple of weeks. The new target is now going to be $19,500 – which would again be up from the $16,000 mark Bitcoin was trying to cross recently. While this is one scenario, another scenario is that Bitcoin prices soar well beyond $19,500 but later face a correction to drop down around this number.
Going by the new support and target lines and by the existing trend of a stable growth, the $19,500 figure does not sound as outlandish as it was sounding a couple of weeks ago when Bitcoin fell to a low of $12600. However, it has been gaining a regular and stable momentum – which is good for the growth.
With money being pumped out of the Bitcoin markets and going into altcoins, it seemed like people were beginning to trust altcoins more. However, the matter of the fact is that the market cap of Bitcoins is still at least 50% more than the second biggest coin, Ripple. Moreover, Bitcoin still holds close to 35% of the total market share of cryptocurrencies. Stay tuned to us for more updates.