Expert Considers Bitcoin Could Test Yearly Highs If It Surpasses $8,200 BTC/USD Price Point
- Bitcoin could eventually reach $9,000 if it surpasses $8,200
- The digital currency is being traded above $8,100
Bitcoin (BTC) supporters are waiting for the digital currency to keep growing again after falling to $7,450 a few days ago. There is an analyst that considers that if Bitcoin reaches $8,200 there is a possibility to continue the bull market that stopped in $9,100 a few weeks ago. This is according to the Twitter user Ledger Status (Brian Krogsgard), that said this during a conversation with Forbes contributor Benjamin Pirus.
Bitcoin Could Reach $9,100 Again And Keep Growing
After a negative 2018, Bitcoin shows to be recovering in 2019. The digital currency moved to $9,100, the highest price in more than 8 months, which is very positive for the virtual currency. At the same time, on-chain activity, hash rate and transactions show that the network is more active than during the last months. Additionally, trading volumes are growing as well.
Korgsgard said that they are trying to see if the market will keep consolidating at this higher level and push for a new leg up rather than experiencing a topping pattern. He went on saying that a key level would be $8,200. If we surpass this price zone Bitcoin could keep growing towards $9,000.
Krogsgard has also mentioned that he is looking for consolidation in the price of Bitcoin. About it, he said:
“For the most part, I’m just looking for consolidation and dip-buying opportunities. I wouldn’t say $8,000 bitcoin is a particularly attractive place to buy. We’re fairly far from the mean, if you will, as in, we’ve moved fast so far this year, so I think that there will probably be cheaper places to buy, but it’s certainly possible we have another leg up.”
He has also explained how he started trading and investing in the cryptocurrency space. The expert explained that he knew Bitcoin in 2012 but he didn’t invest until 2017 when the market started to move towards $20,000 the highest price ever recorded for Bitcoin. At the same time, he says that he is just a retail trader that entered the market during the bull run of 2017 and that he made several mistakes along the way.
At the time of writing this article, Bitcoin is the largest cryptocurrency in the market with a price of $8,158 and a market capitalization of $142.13 billion.