Bitcoin crosses $11,000 for the 1st time in 2019. During the financial crisis, turmoil to be precise, Bitcoin and Gold usually tend to rally. Bitcoin has seen an unexpected comeback in 2019 after a terrible downslide in 2018.
Peter Brandt, a well-known technical analyst, thinks the very recent price hike could push Bitcoin to grow as high as $100k.
“Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”
Federal reserve is helping Bitcoin price to go higher and it is now largely believed by financial pundits. Because of inflation and geopolitical risks, Federal reserve seems to be pressurized to cut the interest rate.
According to CNBC:
This financial turmoil has been “viewed as a positive for bitcoin as well as gold, which are looked at as alternative currencies that should rally when central banks take actions that reduce the value of government-backed currencies”.
Bitcoin has to overcome resistance at $11,075 to continue the upward momentum.
From last December, Bitcoin price is roughly up by 240% and that is a clear indication halfway through 2019 that it will not stop, not for now or at least in the near future. With the introduction of Libra, Bitcoin will further make stellar gains.
Question is, is this the right time to invest in this cryptocurrency?.