Bitcoin, the cryptocurrency that started it all, has just surpassed the $9,700 mark, thus recording yet another high this year. $10,000 now appears to be a very easy target if the bulls persist.
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Another day, another yearly high
The Bitcoin price has just reached its highest level since May 5, 2018, when it hit $9,811. To put this into perspective, Bitcoin was below the $4,000 level in March 2019 before its price started to rise at a dizzying pace on Apr. 2.
Even a slew of loud controversies, such as the Bitfinex-Tether imbroglio, didn’t reverse the bullish trend, and Bitcoin would keep soaring after minor pullbacks.
As for the reasons why the BTC price is recording fresh highs almost on a daily basis, analysts tend to agree that mainstream adoption is the main catalyst. Bakkt is expected to test its physically-delivered Bitcoin futures on June 22.
Facebook diving head-first into crypto also gave a lot of mainstream exposure to Bitcoin.
Meanwhile, gold is soaring and the US Federal Reserve is cutting rates.
What happens next?
The cryptocurrency community is anticipating the $10,000 price tag with bated breath.
Earlier, Fundstrat’s Tom Lee pointed out that the degree of FOMO will reach its highest level once BTC breaches this psychologically important price level.
That essentially means that retail investors, who are yet to join the party, will start buying BTC en masse.
On the flip side, there could be a lot of selling pressure in the market. Cryptocurrency trader Josh Rager predicted another fakeout before BTC reaches new highs.