Bitcoin market overview: BTC/USD surges to new 2019 high; altcoins react
|- The intraday charts show BTC/USD rising 6.2% to trade highs of $5,795.46.
- Bitcoin is predicted to hit $6,000 in less than two months.
It is another awesome day in the lives of the cryptocurrency investor. The market had dived towards the end of April but we can see May waking the bulls in an impressive way. Bitcoin ignited the gains on Friday. The intraday charts show BTC/USD rising 6.2% to trade highs of $5,795.46 before correction to the current value at $5,720.
My prediction of a reversal due to the formation of a double top pattern at $5,600 earlier today was wrong as Bitcoin zoomed past this level to trade new 2019 highs. There is a progressing downtrend from the highs with the price sliding below $5,700. It is as though investors are rushing to take profits as the crypto escapes the crypt.
Bitcoin has been predicted to hit $6,000 in less than two months while other experts believe that it will rise as far as $10,000 before the end of the year. Bitcoin explored lows close to $3,000 last year and the fact that it is trading above $5,600 is a key indicator that we are in a bullish phase. Therefore, this could be right time for investors to belt up for an impending parabolic rise towards the end of the year.
Meanwhile is vital that support is established above $5,600 to avoid declines that could test the support congestion zone between $5,300 and $5,400.
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