Bitcoin, which has been rallying hard over recent months, has hit a fresh year-to-date high, breaking the psychological $9,000 level for the second time this year and leaving investors eyeing the $10,000 mark.
Bitcoin and cryptocurrency sentiment has been boosted recently by news social media giant Facebook is looking to create its own cryptocurrency, with details of the Palo Alto company’s plans expected to be fully revealed on Tuesday this week.
Meanwhile, bitcoin traders and investors are looking ahead to next year’s bitcoin halvening event which will see the daily bitcoin supply cut by half overnight, with some predicting this will cause a “supply shock.”
In other positive bitcoin and cryptocurrency developments, the closely-watched Bakkt cryptocurrency exchange and infrastructure initiative, backed by the New York Stock Exchange parent company Intercontinental Exchange and coffee chain Starbucks, is expecting to begin accepting beta testers to its platform as soon as next month.
Six months ago, it seemed that the Crypto space had nothing going for itself. However, I knew things were cooking in the pot…they just were happening in the background. Many had all there eggs in one basket with the hopes of the SEC approving the first Bitcoin ETF. Despite the lack of news what was encouraging was the $3000 level was serving as support. Fast forward six months, and it seems Bitcoin is making headlines everyday. Facebook has been taking a lot of heat lately, but their cryptocurrency will bring awareness to the Masses, rewarding those who already own cryptos.
But even if you weren’t paying attention to the news and just looking at the charts, what’s encouraging for the bulls out there is price has been making demand zone after demand zone and taking out supply zones after supply zone…meaning the momentum is clearly to the upside. Thus, the chart suggests, price will eventually hit and take out the $10k level in the near future.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.