Cryptocurrency investors are celebrating the onset of the crypto-spring as Bitcoin price has begun to rise once again. After months of struggling to cross $4,000, the BTC/USD pair has surged past $5,000 now. Analysts are predicting big things for BTC investors – predicting the price to cross $72,000 in the long-term.
Let us take a closer look at Bitcoin price movement of the recent weeks and why it makes analysts believe that a HUGE bull-run is on its way.
Bitcoin Price Movement: Is $72,000 Probable?
As of this writing, Bitcoin stands in close to $5,2000. Hence, $72,000 is a long, long shot. But the reason why analysts are predicting that BTC price will cross $72,000 is because of past trends. Bitcoin surged from $150 to almost-$20,000 between 2015 to 2017. A similar sort of a trend is now forming on the Bitcoin/USD graph.
Popular crypto analyst and trader Peter Brandt believes that the price of Bitcoin will cross $72,000 in due time. Here’s what he commented:
“I think the analogs are holding remarkably well and based on those analog studies, I think cryptos now will go back into a parabolic bull market. The only question I have is do we rally here some and then sometime in late summer check the late 2018 lows or not? There is a chance that it does, there’s a chance that it doesn’t,” he said.
Bitcoin Price Rising: Are Other Cryptocurrencies Also Growing?
While Bitcoin price is on a rapid rise, almost every cryptocurrency in the top 10 is a good investment as of now. Ethereum, in particular, has shown strong growth and is one of the best altcoins to invest in 2019. Even other currencies such as Ethereum Classic (ETC) are growing at a rapid pace (34% in 24 hours).
It looks like along with Bitcoin price rise, all cryptocurrencies in the markets are going to experience a strong bull run soon. This is indeed the right time to get back into the crypto investment scene if you’ve dropped out during the crypto winter.