The last 24 hours have seen Bitcoin, and the wider cryptocurrency market, continue on its new crypto price rally. The price of Bitcoin has rushed past the $11,000 line less than 24 hours after breaking the $10,000 barrier.
Bitcoin explodes past $11,000 line in crypto rally
Specifically, the price of Bitcoin is $11,121 at the time of writing. This represents intraday gains of over 13% and continues the bullish Bitcoin trend seen during the past weeks. What’s more, the total cryptocurrency market capitalization has now surpassed $333 billion, in a stunning flash surge.
Yesterday, Toshi Times reported that the price of Bitcoin was inching closer to the $10,000 line. This has long been a psychologically important barrier for Bitcoin, as it marks a general halfway-point to Bitcoin’s all-time high.
Furthermore, analysts have long predicted that a breakthrough of the $10,000 barrier could herald an intensified Bitcoin rally. It would appear that this was correct, as the price of Bitcoin has now continued to rise. Moreover, the current Bitcoin price is the highest it has been since in March of 2018,
Nevertheless, Bitcoin’s dramatic rise is only an indicator of the general strength of the crypto market. Other cryptocurrencies have similarly seen impressive gains – with Ethereum trading at $313, Ripple at $0.47 and Litecoin at $143. As such, it looks as if the next crypto bull run could be beginning.
Will Bitcoin reach $100,000?
The exact reason for this rise is uncertain, but the notion of growing FOMO (fear of missing out) could certainly play a part. What’s more, the reveal of Facebook’s crypto stablecoin Libra could also have revitalized the crypto market. This comes despite the regulatory hurdles faced by Libra.
In addition to this, the professional trader Peter Brandt recently tweeted that Bitcoin is “taking aim” at a lofty $100,000 target. Additionally, Peter also referenced that Bitcoin is now in its fourth parabolic growth phase.
“Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”
Although undoubtedly ambitious, a prolonged Bitcoin rally to $100,000 is not entirely outside the realm of possibility. Bitcoin has managed price increases of similar magnitude before – although never at these high price targets. According to Brandt, Bitcoin increased its value 9,765-fold between October of 2011 and December of 2017.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.