By CCN: The bitcoin price pounded to a new 12-month high on Sunday, slamming past the $8,750 mark in a vicious move that looks undeniably parabolic.
Less than an hour ago, the flagship cryptocurrency was struggling to hold the $8,000 mark, and it looked like BTC would exit the weekend trading near that threshold.
That changed, almost in an instant, when the bitcoin price suddenly surged more than $600, easily topping the $8,500 level en route to setting a new high for 2019. An unfettered BTC continued to soar, eclipsing the $8,800 mark on Bitstamp shortly before press time.
Even more significantly, the surge awarded bitcoin a green yearly candle, meaning that investors who purchased BTC one year ago today could now sell at a profit.
Altogether, bitcoin has rallied a staggering 120% in 2019, and many bulls will likely take today’s triumphant march past $8,500 as evidence that BTC could challenge its Dec. 2017 all-time high sooner, rather than later.
When the bitcoin price plummeted below $7,000 earlier this month, eToro Senior Market Analyst Mati Greenspan said that the painful correction would afford us the opportunity to determine whether the crypto market had truly embarked on a bull run.
“If the pullback does reverse now and we continue past the recent highs, there is virtually no major levels of resistance until $20,000,” he said.
Today’s sudden price spike appears to meet those conditions.
Skeptics, such as this writer over at the Motley Fool, allege that bitcoin is trapped in a “dead-cat bounce” that will only add insult to injury to shell-shocked cryptocurrency investors.
However, the crypto critics have been wrong before. Many, many times.
Click here for a real-time bitcoin price chart.
This article was edited by Josiah Wilmoth.