Bitcoin Price Surged Over $7,000 For the First Time in 2019

There’s a lot of speculations and predictions for Bitcoin in 2019. Some say it will see a drastic increase, while some say that it will no longer be popular. As of May 2019, Bitcoin’s value raised to $7,900 for the first time in this year.

Bitcoin (BTC) News Today – Will Bitcoin Bull Run Continue?

Technical analysts suggest that the golden middle for Bitcoin is between $7,800 and $8,400. At this value, Bitcoin might do some damage at the cryptocurrency market and once again become the most dominant cryptocurrency. Analysts also say that if Bitcoin goes above $8,200, it may mark a crucial period for Bitcoin, in terms of increased interest from potential investors.

At the beginning of May 2019, Bitcoin’s price increased by 13.5% against the US dollar. Its steady climb was undisturbed, despite the uncertainty around iFinex, Tether, and Bitfinex. Bitfinex allegedly mishandled $900 million of Tether’s cash in order to “hide” their loss of $850 million. This leads the analysts to believe that the legal action against Bitfinex can put a shadow of a doubt of investors in the market, thanks to the Binance hack.

Many believed that the Binance hack had an impact on Bitcoin’s price. Their hack has lead to the loss of 7,000 BTC, which is worth more than $51 million. However, this is not the case. Binance also allocated 10% of all trading fees to SAFU, an insurance fund for use in the case of a security breach. This will protect the funds in Bitcoin, preventing hack attacks, thus keeping the Bitcoin price stable.

Bitcoin Price Prediction

Bitcoin will definitely increase its price until it hits the roadblock. This could be a resistance level that is simply too big for the asset to handle. With its possible value of $8,200, it will indeed represent a strong resistance level. If it overcomes it, it could be a signal of a potential increase in value during 2019.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.