Bitcoin price analysis, 11 May 2019; how BTC price hit $7000 mark

Bitcoin is the leading cryptocurrency in the crypto space as of now and recently the crypto space has been going through good times.

The increased market momentum has managed to keep all the coins in green and every coin in the market is benefitting from this surge in momentum.

Bitcoin, on the other hand, has benefitted the most and it is hitting the price mark of its all-time high at the moment. Just recently the leading crypto exchange globally was hacked and over seven thousand (7,070) bitcoin units were stolen.

This should have impacted bitcoin’s ongoing upwards trend but bitcoin’s market was not influenced at all. This response of the market even after negative news indicates that the increased market momentum is here to stay.

Bitcoin price analysis, 11 May 2019; how BTC price hit $7000 mark 1Bitcoin BTC chart created with Trading View

The chief executive officer of Galaxy Digital, Michael Novogratz gave a statement on this event saying that the next new all-time high of bitcoin should be expected within the next eighteen (18) months.

Canaccord Genuity also gave a similar statement after analyzing their data and said that bitcoin is expected to hit twenty thousand dollars ($20,000) price mark within the next two years.

Tim Draper is more optimistic than others and expects the price mark to hit two hundred and fifty thousand dollars ($250,000) by the year 2023.

After looking at the charts we can see that bitcoin and USD pair is breaking out of the overhead resistance levels.

The recovery was expected to stagnate near the range of six thousand dollars and six thousand four hundred and eighty dollars ($6,000 to $6,480.54) levels but that did not happen and it continued until it crossed this range.

The relative strength index has been pushed into the overbought zone or the first time in a long time indicating that the rally is strong.

Support levels may be found near five thousand nine hundred dollars ($5,900) and four thousand nine hundred dollars ($4,900).

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