Bitcoin Soars and Hits Nearly $9,000

Cryptocurrency bitcoin was seeing big gains on Monday, almost hitting $9,000 a level. This is the highest the digital
currency has traded since May of last year.

The prices of other cryptocurrencies such as ethereum were also rising higher as bitcoin hit a more than one year high.

According to Coindesk’s Bitcoin Price Index, the price of bitcoin hit an intraday high of $8,937.25. This was the highest level since an intra-day high on May 11, 2018.

Bitcoin is now up over 140% so far this year and the total market capitalization of cryptocurrencies has topped $278 billion.

It was in late 2017 that the digital current hit its all-time high of nearly $20,000.

Nicholas Merten said to his subscribers that he believes BTC is eyeing a push to $10,000 before a potential 40% pullback.

“Is Bitcoin overvalued? Well, a lot of the indicators will tell you that. Obviously the RSI is showing that it’s overextended… We’ve also seen NVT is extremely overextended. We’re not setting new highs on it in this relative sense. We had that back a few days ago, so transaction volume is increasing. But we’re still way overextended. This is very similar to what we saw back in 2014.”

He added, “So even with all these things, it’s time for Bitcoin to correct, right? Well, no. I wouldn’t say that’s exactly the case. We very much could go on to the big even at $10,000 which is a very key level price-wise, but it was resistance back here in May of 2018, almost a year ago. So, it wouldn’t be too radical to think that if it’s already done this, that it’s probably going to go to $10,000. Now I wouldn’t set your sell orders exactly at $10,000 or try to time the market. I’m not going to recommend you do anything. I think most of us agree that hodling is probably one of the better ways to play this market. Stop trying to play it and get too crazy.”

“I just like to cover the price action just to guesstimate where we’re going and what would be some good pullback points. But I think $10,000 is very likely and then after that we’re going to have a very similar correction down 40% – what we saw in the last parabolic run-up back here in 2015. And that’s going to lead us down to a range where we can actually go ahead and be able to pick up some nice cheap Bitcoin,” he concluded.