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Bitcoin Extends Gains, Is Up More Than 40%
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Bitcoin Extends Gains, Is Up More Than 40%

 

Bitcoin prices continued to gain late this morning, pushing higher after breaking through the key $8,000 level.

The world’s largest digital currency has enjoyed this continued rally as it benefits from a return of positive sentiment, said analyst Charles Hayter.

The cryptocurrency market’s inner bull has returned, said Hayter, co-founder and CEO of digital currency data platform CryptoCompare.

Mati Greenspan, senior market analyst for social trading platform eToro, offered a similar point of view, stating in his daily newsletter that both Bitcoin – and altcoins – have been benefiting from a “renewed” interest.

Bitcoin Extends Gains

Early this morning, Bitcoin surpassed $8,000 on the CoinDesk Bitcoin Price Index (BPI), and then proceeded to push higher later in the day, rising to $8,342.62.

At this point, the digital currency was up roughly 44% from the multi-month low of $5785.43 it reached in June, additional BPI figures show.

The cryptocurrency then pulled back slightly, trading at $8,183.80 at the time of report.

‘A Very Bullish Sign’

After enjoying robust gains, a handful of market observers were willing to shed some light on where they think Bitcoin will go next.

“Bitcoin breaking $8000 without pullbacks is a very bullish sign,” said Jon Pearlstone, publisher of the newsletter Cryptopatterns.

“However, Bitcoin is now facing stiff resistance built throughout 2018 at the $8400 level,” he added.

“While multiple indicators are signaling a pullback is due, breaking $8400 with strong volume could see this rally extend to key technical and psychological resistance at the $9500-$10,000 level before that pullback.”

Matthew Newton, analyst at eToro, offered a similar perspective, stating that by surpassing “key barriers of resistance, it would seem history is not repeating itself and there’s real strength in the move.”

“If bitcoin can close above $8,000 today, we could assume that we may have a good run toward $10,000.”

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