Bitcoin has already bottomed in December 2018 and it is entering a new bull market. In the last 24 hours, the digital currency moved from just above $6,000 to $7,400 in some exchanges. This shows that Bitcoin (BTC) is experiencing an important buying pressure. But how long can this bull market continue and where will the price of Bitcoin settle at?

Bitcoin Experiences New Buying Pressure

A few days ago, before the current price surge, Alex Krüger, a recognized crypto analyst in the market explained that for Bitcoin to enter a new bull market it was necessary for it to surpass $6,400. Things evolved much faster than expected and Bitcoin surpassed $7,000.

On May 11, he wrote a new Tweet in which he updated the current market outlook. He said that Bitcoin is now in a bull market territory and that the next resistance levels are $7,000 and $8,000. Meanwhile, $6,400 and $6,000 become support.

Moreover, he mentioned that the hourly volume at Bitmex was the 2nd largest after September 5 last year.

$BTC now in bull market territory after an intraday blow-off top.

R: 7000, 8000
S: 6400, 6000

Old levels not as valuable, hence why above 6400 only looking at round numbers as major resistance.

Hourly volume at Bitmex was the 2nd largest ever after Sep/5/18. pic.twitter.com/ANmIIDJVf1

— Alex Krüger (@krugermacro) May 11, 2019

At the time of writing, Bitcoin recently touched $7,500 BTC to USD exchange rate today and it could move towards $8,000, which is going to be the next resistance level marked by Krüger.

At the time of writing this article, bitcoin is being traded around $7,100-$7,300 range and it has a market capitalization of almost $130. In the last 24 hours, the digital currency grew 8%. Among the top 10, Bitcoin Cash (BCH) is the best performing cryptocurrency with a price increase during the same period of time of 25%. Now, BCH is being traded around $370.

Other altcoins such as Litecoin (LTC) and Cardano (ADA) have also performed very well in the last 24 hours. The market has experienced a parabolic run that could keep in the coming days as well.

Bitcoin’s price is $51,515.33 BTC/USD exchange rate today. The real-time BTC market cap of $960.55 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $14.76 Billion and live coin value change of BTC 4.60 in the last 24 hours.