Analysts Flabbergastedas Bitcoin
Bitcoin forgot to take the weekend off and instead has been grinding out day after day of solid gains, with price surging more than 10% in 24 hours in the past hour to record a new 2019 high at USD 6,944 at around 6:00 (UTC), according to Coindesk.
This would have been long after the last trading session, that closed on Friday in North America. So, much of it could be credited to frenzied buying activity in Asian markets.
As Bitcoin slowly broke USD 6,300, some analysts had barely made predictions that USD 6,850 would be the real test in the coming week, only to have that resistance level breached in a matter of hours. Others had warned of buying exhaustion after consecutive weeks of positive gains, but as can often be the case with Bitcoin, price continues to defy logic.
Even Bitcoin bulls on Twitter have been embarrassed by Bitcoin’s performance, with those like fil₿fil₿ booking in their profits and calling it a day at USD 6,500 on Bitstamp:
But others have been taking the chance to ride the wave and suspect that more could be on the way:
$BTC Took a good chunk of profit in the upper-mid 6.3s. My spidey sense has been tingling since last night. I’ve learned to follow it. Even if we keep bullishly continuing, I don’t regret listening to my gut. Waiting for a good re-entry that screams out to me. No FOMO. No rush.
— B.Biddles (@thalamu_) May 10, 2019
Civic CEO Vinny Lingham asked for 48 hours for Bitcoin to stay above USD 6,200 to confirm the bear market would be over. He appears to be a day away from getting what he asked for and may soon be, apparently, a raging bull.
If Bitcoin can hold the $6200 level for the next 24-48 hours, then the bear market is officially over and I’m going to become a raging bull!
— Vinny Lingham (@VinnyLingham) May 10, 2019
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