After a prolonged ‘crypto winter’, it appears that Bitcoin investors finally have something to look forward to. Bitcoin price has been on a rise over the past month – and things took an unexpected turn as a sudden boom brought the BTC price beyond $5000.
As of this writing, the $BTC/USD pair stands at $5032.64 – a clear bullish momentum forming. Let us take a closer look at Bitcoin price and see how it has been moving so far and where it is headed next:
Bitcoin Price Analysis: How BTC/USD Stands As of Now
Over the past week, the BTC/USD price has surged close t0 25% – the currency went from $4065 earlier in the week to $5032 today. However, mid-week, it hit a high of $5,303. This is a huge surge compared to how slow and stable the markets had become over the past month.
All through March, the price had remained fairly stable between $3500-$4000, with the $4000 price point having a strong resistance. However, after crossing the $4000 mark, BTC price surged rapidly to hit $5000 and go beyond it.
$5000 Crossed: What’s Next for Bitcoin Price?
After going past $5000 – Bitcoin’s price momentum is likely to increase. A bullish market attracts more bulls: as investors begin to believe that a fast-growing market will continue to grow endlessly. Given that $5000 was a critical point of growth in the last major bull-run, we expect more investors to jump in on the Bitcoin Bandwagon.
Beyond this, the Bitcoin price is likely to continue surging, albeit slowly, for at least the next four to seven days – perhaps even going beyond $6,000.
