Bitcoin price surprised investors this week as it hit a new high at $8.400 from sub $6,000.
An analysis article by Darren Parkin of Coin Rivet, however, noted that the surprising surge from what seemed like a quagmire level of resistance at $5900 “is nothing short of remarkable”.
Bitcoin price surge unsustainable
Week-on-week, Bitcoin rose to $8,100 from $4,000 on May 14. Parkin, however, said that that there is a general consensus that BTC will plummet soon.
Parkin wrote:
A near-vertical spike has pushed through every level of resistance since, but it was batted back abruptly from $8,400 – a mark which has been a key level of resistance in the past. The sheer speed of the rise seems an unhealthy path to be on for a cryptocurrency still recovering from a dramatic slump which saw it crumble away from what had been a steady sideways movement around $6,400 for much of 2018. Most sensible thinking would see this astonishing breakout as more of a manipulated market moving to test the waters and see what is up there in the heights that haven’t been reached for more than a year.
Parkin, however, noted that as to when a possible pullback will take place remains a topic of discord
“Plenty of talk takes us to $10k and beyond before a fall, but there are also plenty of astute assumptions that the decade-old digital asset could find itself worth a couple of thousand dollars before a period of consolidation returns it to this week’s levels,’
Bitcoin price could hit $100K
ADVFN and Online Blockchain plc. CEO Clem Chambers, meanwhile, expects bitcoin price to reach $100K USD/BTC soon amid several factors, including the rising tension between the US and Iran.
BTC, he said, could surpass its December 2017 high at over $20,000 as the digital currency becomes increasingly useful
“If there was a war of any shape or form, the value of crypto will just go through the roof. I mean, America gets in a war with Iran, bitcoin will be $100,000 a coin,” he said.