Bitcoin Price Slays $8750, Hits 12-Month High in Sudden Parabolic Swing

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.

Bitcoin Price Surges to New 2019 High

bitcoin price
The bitcoin price smashed past $8,500 on Sunday, ascending as high as $8,800. | Source: BitcoinWisdom.io

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.

New All-Time High Creeps Closer to the Horizon

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.

 

bitcoin price
Crypto investors who bought BTC on May 26, 2018, are finally in the green. | Source: OnChainFX

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.

Last modified (UTC): May 26, 2019 4:10 PM

About the author

Josiah Wilmoth

Josiah is the US Editor at CCN, where he focuses on financial markets and cryptocurrencies. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He holds bitcoin, but does not engage in day trading. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.