The price of Bitcoin has seen a substantial rally during the past 24 hours. At the moment of writing, Bitcoin is trading at $8,174 and appears to be well on the way towards $8,000. Furthermore, this comes as Bitcoin is pushing a four-day bullish streak not seen since July of 2019.
Bitcoin reclaims $8,000 – will the $8,000 line hold?
The cryptocurrency market has been trading mainly sideways for the past month. However, Bitcoin began to surge a few days ago. At the time, Bitcoin went on to reverse its sojourn down past $7,000 to levels in the mid $6,000s.
Rather than stay below $7,000, the premier cryptocurrency then began to surge back – on the heels of rising geopolitical uncertainty. Although some speculators said that this green wave might only prove to be temporary, it now seems clear that it is – at least – substantial.
In fact, Bitcoin has risen past the psychologically notable $7,500 line and is now trading at $8,174. According to this price data from Coin360, this means that Bitcoin is now effectively past the $8,000 barrier once again.
Perhaps just as notably, Bitcoin is also pushing a four-day streak of intraday trading gains. This is not something which has been seen since in July last year, which strengthens the bullish case for Bitcoin.
The crypto market as a whole is rallying
However, one should also note that Bitcoin is not the only cryptocurrency seeing impressive gains. Rather, the crypto market as a whole is up notable over just the past day. Nevertheless, as anyone watching the crypto market will know, price swings such as these can be relatively common.
With that said, it will be interesting to see whether Bitcoin will manage to defend its newfound price point. The last week has seen a number of spectacular price gains predictions for Bitcoin during 2020.
These will, however, require substantial price increases in order to come true. Although the last four days have seen consecutive Bitcoin gains, the premier cryptocurrency is still a long way away from some of the 2020 predictions.
For example, a recent Bloomberg interview went on to suggest that Bitcoin could “very easily” hit $50,000 during 2020. If this were to come true, it would represent an increase of roughly 625% from a current price of $8,000.
All in all, it will be interesting to see in the coming days and weeks if Bitcoin bulls will manage to keep momentum going. The rising geopolitical tensions following the US’ airstrike on a top Iranian general could possibly fuel a continued price rally.
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.