Bitcoin Price Crosses $10,000 as Analysts and Traders Predict New Heights for the Cryptocurrency
Bitcoin price has risen above the $10,000 mark for the first time since it plunged 7 weeks ago, The cryptocurrency went as high as $10,200 on Sunday before dropping slightly.
Before being hit by the Coronavirus pandemic, BTC was trading at about $10,000. In March, however, its price nearly halved when it traded at prices as low as $5,678 for some weeks.
Since then, it has made a slow but gradual return towards the $10,000 benchmark. By the end of April, the cryptocurrency’s price had soared back to values above $9000. Making its way back is significant because it indicates that the BTC has made a full recovery from the plunge it suffered in March.
Not just BTC price increased within the second quarter
During the second quarter of the year, there was an increase in the number of addresses that held between 1 and 10 BTC. Within the quarter, the number of addresses increased to 667,000.
Addresses holding more than 1,000 BTC also increased during the period, growing by more than 3% since the end of April.
Since the crash on March 12, the Bitcoin market has been providing higher lows, showing that the BTC is still heading upward. With the flagship cryptocurrency crossing the $10,000 threshold again, analysts expect that if market lows beyond $9,300 are not exceeded, the price of BTC should head towards upper levels of $11,000 and $11,600.
This is still not close to its lifetime high of $20,000 which it traded at in December, 2017. However, reaching the next targets of $11,000 and $11,500 will result in a further surge of the whole cryptocurrency markets.
There are predictions that the BTC will cross new heights before the end of 2021. PlanB expects the BTC to hit the $100,000 mark by the end of 2021.
“Somewhere between and year and a year-and-a-half after the [May 2020] halving, so say before Christmas 2021, bitcoin should be, or should have been above $100,000,” PlanB told Global Macro Investor founder Raoul Pal.
Bitcoin trader, Peter Brandt, however expects the cryptocurrency to hit new heights of $50,000, although he did not give a timeframe.
If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.
Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.