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Home News Incoming: Bitcoin Price Heads Toward $9,000 As Storm Breaks

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Incoming: Bitcoin Price Heads Toward $9,000 As Storm Breaks

Bitcoin price soars as bulls roar.

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A few days of calm… but investors weren’t fooled. Brief hesitation around the $8,000 mark turned into another euphoric Bitcoin bull run as the cryptocurrency streaked past $8,500 earlier today.

The American Memorial Day holiday weekend didn’t seem to dampen enthusiasm for crypto, as the market capitalization of Bitcoin broke the psychologically-important $150 billion mark.

 

SIMETRI Research

 

On some exchanges Bitcoin came within touching distance of the $9,000 mark, which is seen by some traders as the “point-of-no-return” for the long-term price of Bitcoin. A retracement to $7,000 – and then back to $5,000 – has been a fear as the rally stalled, but instead, the confident run towards $10,000 continues.

 

Bitcoin Price Approaches $9000 as BTC targets $10k

(CoinMarketCap.com)

Data from TheTie.io suggests that over the course of the last month, Bitcoin tweet volume has increased and is now 98% higher than the average. Research by SMU suggests there is a positive correlation between tweet volume and price: “By analyzing tweets, we found that tweet volume, rather than tweet sentiment (which is invariably overall positive regardless of price direction), is a predictor of price direction…”

TheTie also notes that daily sentiment is at an exceptionally high point, scoring an 89.2% toward a ‘strong positive’ signal. [Update: by 23:50 UTC on Sunday May 26th, this had dropped to 63.25%.]

Bitcoin is now profitable again on a yearly scale – as Josiah Wilmoth at CCN pointed out – and investors who plowed money into the cryptocurrency a year ago are now seeing positive returns.

The yearly high was enough to lift the entire market: other coins moved in a correlated fashion, with Ethereum, XRP, Bitcoin Cash, and Litecoin all within a percentage point or two of Bitcoin’s 7% daily increase.

Although volume continued to build following the spike, the price of Bitcoin did retrace slightly by around 10pm UTC, and was trading on Coinbase Pro at ~$8,540.

 

Bitcoin Price on Coinbase Pro GDAX at 10pm UTC

 

 

 

While some expect the excitement to dull over the holiday Monday, the positive trend may indicate that Crypto Spring is finally over – and we’re well and truly headed for a long and plentiful summer.

 

Bitcoin Chart

 

DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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Adam Selene
Adam Selene is a cryptocurrency and blockchain advocate whose experience includes creative oversight roles at high-profile marketing firms. He is particularly interested in the effect of decentralized technologies on societal evolution.

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