Bitcoin Price Hits $4,000: is This the Start of a Bull Run?

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.   

Crypto Market Soars by More Than $10 Billion   

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.