Could $11,000 Be Bitcoin's Next Target?
It seems that 2020 could be a very good year for Bitcoin and cryptocurrencies. Bitcoin started the decade trading at $7,200, nearly double of its price in January 2019.
The new year has plenty of events which could help continually growing Bitcoin and the cryptocurrency space as an extension. This includes the halving event in which miners will receive half their bitcoin rewards, U.S. Presidential Elections, and potentially Brexit.
It is important to note that most Bitcoin forks including Bitcoin Cash (BCH) and BitcoinSV (BSV) will go through a halving as well.
Earlier today Bitcoin managed to break upwards resistance and cross the $10,000 mark. BTC is currently trading at $10,082 and it seems that the upwards momentum can continue onwards. Should the rally continue Bitcoin could likely test $10,500 and then possibly $11,000 within the next week or so.
This is the first time in roughly five months that Bitcoin has been above $10,000. Last summer, Bitcoin managed to break $10,000 in June and had a yearly peak of $12,955 in mid-July. Bitcoin's price later tumbled in September and never rose above $10,000 until today.
It seems that most other cryptocurrencies are following Bitcoin's lead and perhaps even outperforming it in the short-term. Tezos (XTC) has been growing strongly since last week, has risen an additional 14% today, reaching $2.44 per coin. Dogecoin (DOGE) has had a slightly stronger rally at 18% and is trading at $0.00346 today. A relatively unknown altcoin, Kicktoken (KICK) has had one of the largest pumps seen today. It managed to climb by roughly 40% and trading currently at $0.000538 per coin.
With Bitcoin's price rising and giving way to a cautious optimism, altcoins are following and even out-performing BTC at times. It seems that 2020 will be a very interesting year to follow Bitcoin and the cryptocurrency ecosystem.
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Written by Jonathan Ganor
Writer & cryptocurrency aficionado