Bitcoin and the entireÂ cryptoÂ market moved significantly higher today, with bulls taking full control of the market as they extend the momentum that has been seen throughout the past few weeks.
The price action seen today certainly speaks to the overwhelming strength that bulls have over the market at the present moment. Whether or not it can be sustained will offer significant insights into which stage this rally is in.
One trader expects a move to $100,000 in the relatively near future, noting that a break above $50,000 could significantly accelerate this rally.
BITCOIN SURGES TO $40,000 BEFORE FACING WILD CORRECTION
At the time of writing,Â BitcoinÂ is trading up just over 6% at its current price of $39,000, which marks a slight dip from daily highs of $40,000.
After these highs were set, the cryptocurrencyâ€™s price tanked to lows of $36,000 in a sudden drop that was instantly absorbed by buyers, with the crypto subsequently rallying all the way back to its current price levels.
This volatility isnâ€™t abnormal in these market conditions and is to be expected in the weeks and months to come.
ANALYST CLAIMS $100,000 PER BTC COULD COME ABOUT RAPIDLY
One traderÂ explainedÂ in a recent tweet that he is closely watching to see ifÂ BitcoinÂ can break above $50,000, as this is the last major psychological barrier before $100,000, he claims.
As such, a break above this level could lead to an accelerated rally up towards the six-figure price level.
â€œAlready closed the $BTC charts when we went above 20k. I see no point in watching. First psychological resistance is $50k and if we break that $100k will come in a matter of weeks. No need to complicate.â€
The coming few days should shine some light on where the market trends next, as Bitcoinâ€™s present volatility could help shape the mid-term trend.