Is 10K the New 6K ?
Is $ 10 K the new $ 6 K ?
” As bitcoin prices continue to post strong rallies, traders are looking at higher potential valuations for BTC/USD on a long-term trend basis. Not surprisingly, many of these projections deal with important psychological levels that may be likely to guide market activity.
By most accounts, market valuations in BTC/USD have had a strong year. Bitcoin has already established gains of more than 157% while the benchmark S&P 500 is currently trailing far behind with gains of just 16.6%. Most interestingly, this BTC/USD outperformance is notable because it has occurred even as the S&P 500 has been in the process of establishing record highs in its valuation.
PROJECTED BITCOIN TREND MOVES
But for crypto investors, the real question seems to be whether these short-term trends represent a full indication of what is likely to happen in the market’s long-term trend positioning. Along these lines, crypto commentator Murad Mahmudov (@MustStopMurad) recently tweeted:
Murad Mahmudov 🚀
“~10K is the new ~6K”, but instead of breaking down it will hold and start grinding UP.
You heard it here first.
8:26 PM – Aug 26, 2019
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