Bitcoin Price Makes Crypto Bulls Happy

For the first time in a month, the price of Bitcoin surpassed the psychological level of $9,000, delighting supporters of the most important cryptocurrency.

“The cryptocurrency sector is still at the development stage. The price of strong cryptocurrencies will rise, said John Spallanzani, portfolio manager at Miller Value Partners in Baltimore. 

The long-term downward trend line, which reached a minimum in early April, has been broken, indicating a change in trend from bearish to bullish. The price this month has risen by 30 percent, so the market is now very optimistic.

Traders named several reasons that could potentially influence such an increase - this is the end of the tax period in the USA, the interest of large investors and the formation of a clear position on the regulation of cryptocurrency activities by the government.

The way forward may be not easy, said Joe Van Hecke, managing partner of Chicago-based Grace Hall Trading LLC. The price is likely to fluctuate between $7,000 and $11,000 over the next 30 days.

“Bitcoin has gone through quite a dark period, with the price falling over 50 percent in the first quarter. However, while there is no alarming news about Bitcoin, its price is under the control of the bulls and is likely to rise to $10,000,” Van Hecke said. 

According to https://www.bloomberg.com