Bitcoin [BTC] breaches $7000: Analysts call potential bull run

Bitcoin [BTC] has just breached the $7000 mark. After an extended period of sideways movement, the coin raced past the $7000 resistance. The reduced amount of volatility seen in the market meant that a bull run or a bear run was coming, say analysts.

Bitcoin [BTC] saw a straight green from $6793 to $7385 in under an hour and had the whole market reeling with enthusiasm. The price stayed constant around the $7300 mark since the hike. The coin also saw a secondary rally off the momentum of the first one, going up to $7498.

Bitcoin is currently trading at $7423 with a market cap of $127.2 billion and has seen a rise of 10.26% in the past 24 hours. BTC currently dominates 43% of the cryptocurrency market.

6-hour price graph | Source: TradingView

6-hour price graph | Source: TradingView

7-day price graph | Source: CoinMarketCap

7-day price graph | Source: CoinMarketCap

Crypto-influencer John McAfee stated:

“Bitcoin – $1,000 increase in one week. Is this the bull market? I have no clue. 10 such increases in succession and I will consider it Bull. In the meantime, know this: The Bull Market IS coming. And when it does, it will make the eruption of Krakatoa seem like a Meerkat’s burp.”

Justin Albert, a crypto-trader and analyst, said:

“The sudden breakout was predictable, considering how the price has been moving sideways for a long time now. Even though there has been a lot of pressure to sell as the coin went down, we are past the panic sell phase and moving into a bull run. This is a good entry point.”

User Philip Eugene on Twitter stated:

“Cryptocurrency are like airline passengers on a delayed flight. Flights get delayed due to several reasons like storms & other reasons. But eventually ones this reasons resolves, the flight continues..”

BashCo, a Reddit user says:

“We’re very close to reaching the Golden Cross (counterpart to the Death Cross that occurred 1 month ago). I consider this to be very bullish because I expected the bear trend to last longer. Some people think the 2017 bull run is still in play.”

Anthony George, a crypto-enthusiast says:

“I don’t see a point in being excited so soon. We all know how it’s going to be. Everytime Bitcoin [BTC] breaches a new mark, people start selling it and the price drops again. I think the real deal is when people stop being so hyped about the new high price and clam down. That’s when you’ll see a more stabilized hike.”

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