After the first positive signs in 2018 for the Bitcoin price after it surged above $9,000 for the fourth time during the April bull run. The Bitcoin price looks to be heading back to the $9,000 mark again after a slight pullback saw the Bitcoin price fall below $8700.
After a very strong two weeks for Bitcoin and cryptocurrencies alike, the markets suffered a slight correction, potentially just investors and traders looking to take some of their profits following on from the two week bull run. The markets have now stabilised once again after and the Bitcoin price looks to be regaining support.
We reported at the start of April that it may be the start of a Bitcoin bull run, the chart below was used a demonstration:
The Bitcoin price had returned to around the average price we should have been experiencing. While the return to $9,000 was probably to the relief for many crypto investors, it came at around the time most experts predicted. $9,000 appeared to be the resistance barrier throughput that bull run and given that it surged past the $9,000, peaking at around $9,650 we can expect that this current pull back is just a timely correction.
$9,000 is still the resistance barrier and should we break that barrier again then we can expect to see another bull run for the Bitcoin price and the general cryptocurrency market.
Breaking the $9,000 barrier again remains key to a breakout, should we pass the $9,000 mark we can expect the Bitcoin price to rise past the $10,000 mark this time around, with potential highs of between $10,500 and $11,000.