Bitcoin surged Thursday, briefly above $8,000 per coin on the Coinbase exchange, and I think this move has more room to run.
Cryptocurrencies have been under pressure for the majority of 2018, due in part to selling in time for tax season, as well as pending regulation in the space. This has caused a capitulation in investor sentiment; in other words, investors have more or less waved a white flag as bitcoin has declined so sharply from its December highs. Now, I see $10,000 in the cards.
I am looking to positive developments from various cryptocurrency exchanges in the coming months, which should be supportive to the market. Bitcoin has been bottoming out over the last week, $500 higher than its lows in February of $6,000.
That level, specifically, goes back to align with the cryptocurrency's breakout in November. Now, there is now tremendous support here.
Meanwhile, ethereum has found support of its own around the $375 mark, building somewhat of a base.
I believe the cryptocurrency space is most bullish when these two are working together; these factors together pave the way for bitcoin to make a run back to $10,000, at a minimum, in the coming weeks.
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