Bitcoin (BTC) Hits $13,000 First Time Since January 2018, Traders says “This will Correct and Hard”
- Bitcoin hits 17 months high backed by a strong volume of $3.43 billion
- “Hyperbitcoinization is not here,” so could this end up being the shortest bull market?
Bitcoin made yet another high today at $13,000, a 17-month high that was last on January 8, 2018, while on its way to downwards.
The leading cryptocurrency is unstoppable as in a matter of hours, it is breaking new records. Just last week, we breached the $10,000 level that has been expected to trigger the FOMO in the Bitcoin market which seems to be just the case.
We started this week around $10,600 only to break the $11,000 level on Monday. From here we continue upwards and then today we shot past $12,000 with another jump that has us touching the $13,000 level. BTC -2.86
At the time of writing, BTC/USD has been trading at $12,518 with 24 hours gains of 11.07 percent. This surge in price is backed by a strong volume of $3.43 billion as per Messari’s Real 10, 24 hours volume.
A Crash Coming?
Till date in 2019, Bitcoin is up over 240 percent but this uptrend first started in April when we were trading near $4,000. We started that month with a bang and within first 10 days surged above $5,000 level.
Then May turned out to be even more bullish as we break through first $6,000 then $7,000 and $8,000. We even briefly touched $9,000 that month but ended May below $8,000 level.
Unlike May, June started on a red note as went down to $7,400 level but it wasn’t long when we started going up and June is now emerging as the best month so far. On June 10th, we first reclaimed $8,000 and in the same week, breached $9,000 level.
But we didn’t stop there, on June 20th, we surpassed the crucial $10,000 level and then $11,000 this week. So far, in July we have smashed five levels and still has a weekend left that given the speed at which Bitcoin is surging might crash a few more.
Crypto trader that goes by $carface took to Twitter to point out how if BTC continues to tick up at the current level we would be hitting an all-time high in the next five or so days, then $32,000-ish by Christmas and $84 million by the time we reach the halving event in May 2020.
This is why he is expecting a retracement as he states:
“Bitcoin isn’t now about to become the global reserve currency, this will correct and hard.”
The trader further contemplated if the ongoing bull market ends up as the shortest one as:
“Hyperbitcoinization is not here, don’t be fooled. We are in another bubble.”
A retracement is a sign of a healthy market and experts have been calling out for one for some time now. As we reported previously, $13,500 could be that point from where we correct. Though it is to be seen how much of a drop we would register, historically a 30 percent could be expected that would put us around $9,400. In the meantime, “let’s enjoy them dollar profits.”