Bitcoin has broken out of the $8000 zone and rose by more than $800 in less than an hour. Currently the price of Bitcoin sits at around $8600 with strong fluctuations. The bullish phase began in early April when the price rose from $4000 to $5000 in almost a day only. Consequentially, Bitcoin has surged by more than 100% since that time and reached its ATH in a 12 month time frame.
Outlook from Technical Perspective
In our last technical analysis, we advised to watch the lows. If the chart would form higher lows, the probability for a breakout would be more likely than a breakdown of the price. This is what happened now. The bull market seems to continue.The general opinion about the market is that the market will surge now to $10,000. We will take a closer look in our next technical analysis. So watch out.
Halvening & Other Cryptos
Another bullish fundamental in the crypto space is the halvening of Bitcoin. The next one will take place in less than a year from now. In the past the halvening, i.e. the halvening of the rewards for the proof-of-work algorithm, has led to strong bullish rallies . Ethereum, Ripple and Bitcoin Cash have followed Bitcoin’s surge by 5,8%, 4,3% and 5,3%.