For the first time since May 2018, the price of Bitcoin (BTC) reached over $9,000 on Sunday. And according to industry experts, they are expecting the rally to continue and do not rule out a possibility for the crypto asset to surpass the $10,000 price point.
The price of the top-ranking cryptocurrency Bitcoin surpassed the psychological $9,000 level for the first time in 2019 – leaving investors and speculators eyeing the much coveted $10,000 mark.
According to data from CoinMarketCap, Bitcoin is trading at $9,148 at the time of writing this post. The wider crypto market followed bitcoin price move, with major cryptocurrencies Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin (BCH) all making slight gains over the past 24 hours. The total market cap of all digital assets is $284 billion, around 10% higher than the value it reported a week ago.
What’s behind the rise?
It is unclear what has triggered Bitcoin’s price to rally in recent days, but as always speculations have been rife.
As CNBC reported earlier today, Bitcoin price could have been boosted by reports that social media giant Facebook is planning to launch its own cryptocurrency. Most industry commentators are convinced that Facebook’s foray into the crypto space will be positive for the largest digital asset by market capitalization.
Real FOMO expected after $10,000 mark is breached
Thomas Lee, who is the head of Research at Fundstrat Global Advisors, in a recent interview with Binance’s chief financial officer Wei Zhou, stated that once the $10,000 price point is exceed, all hell will break loose for the cryptocurrency market. FOMO will set in and there will be a “fast and furious” move to $20,000. And from there, Bitcoin price will double within five months, reaching an eye-watering $40,000.
“If bitcoin somehow manages to get to $10,000, ‘it’s very likely going to make a run to $40,000 within five months,” he said.
All that could make Bitcoin and it’s underlying technology look more credible to investors. It gives them a reason to be optimistic.