Bitcoin’s price has surged past $79,000 for the first time since 2016. Despite reaching new highs, experts caution against making impulsive decisions. Analysts Tuur Demeester and James Check warn that the price is still close to its 200-day moving average, indicating a potential correction. However, many believe this is just the beginning of a significant bull run.
Traders and analysts alike are optimistic about Bitcoin’s prospects, with some predicting it could reach $1 million or more. Hunter Horsley, CEO of Bitwise Invest, believes that as Bitcoin’s price increases, its value will also rise, making it even more valuable. Pseudonymous trader Cantonese Cat attributes the recent surge to “spot supply shock and huge demand.”
Source: https://cointelegraph.com/news/bitcoin-breaks-79k-all-time-high-crypto-analysts