The short-term rebound on February 19, saw Bitcoin surge to the $4,000 price level, leaving several cryptocurrency investors hooked and some analysts keeping their attitude inert. Bitcoin could “melt our faces off” in the long run with an amazing rebound.
While the last cycle gave back around 16x, as Bitcoin swung from $1,200 to $20,000, the next trend could likely bring much higher returns. According to Survivalism, a financial revolution prepper, a pump to around $750,000 seems to be irrational.
Zhu Fa, co-founder Poolin, recently predicted that the peak of BTC’s next rally will hit approx. $740,000. Zhu remains cautious claiming that his forecast contains a considerable margin of error.
The figure $750,000 from Survivalism comes a few days after taking a 0.1 BTC bet with a partner at Adaptive Capital, Murad Mahmudov, that Bitcoin will reach $1,165 before $10,000 to get on its next big rally.
Bitcoin gained momentum and surged to over $4,000, a price last seen on Thursday, January 10. According to the February 18 data from Bitfinex, BTC/USD was exchanging hands at $3960 to add almost 6%. The current upward swing in BTC’s price has also increased its total market cap to $68.872 billion, which is at $3,925.05 USD (4.59% 24h) at press time, as per coinmarketcap data. The overall market cap is now at $133.368 billion.
The 23.6% Fibonacci retracement of the shrill fall the pair experienced from Wednesday, November 14 to Thursday, December 14, currently supports as the initial resistance in the $3,900 - $4,000 area and a day-to-day close more than that point could see the pair stretch its upsurge toward $4200 this year before $4470.
On Sunday, February 13 at 17:00 GMT, the total market cap was at $121.5 billion. The market later started to change steadily at 20:00 GMT.
All the top 10 cryptos have registered a boom in prices today. Ripple is up by around 7.94%, with Stellar Lumens being at $0.087 USD (9.03% 24h change). TRON is trading at $0.025 USD (5.02%). The trend continues to bring enthusiasm to the cryptocurrency community.