Bitcoin Prices Finally See Bullish Growth: Rises Past $9000 Mark

At the time of writing, Bitcoin prices are at $9342 and showing an upward trend. This is the first time in 40-days that BTC managed to climb past the $9200 mark according to CoinDesk’s Bitcoin Price Index (BPI).

For the last couple of months, the cryptocurrency market has been performing with a bearish attitude. Last time on March 14, BTC prices fell to a one-month low at around $8000 after losing $800 in just one trading day. By March 30, it reached a lower threshold of around $6500. But now, with the current spike, prices are up by early 39%.

So what might be the reason behind this bullish upclimb? According to eToro analyst Matthew Newton, this might be a result of the end of the US tax season. However, he also points out that this is no time for celebration as the prices need to head higher to win over mainstream buyers.

“From our analysis, it is important that bitcoin continues on this trajectory; breaking $12,000 for the first time since January will be a potential turning point,” Newton cited.

In comparison to Newton’s more cautious predictions, Dan Morehead, the CEO of Pantera Capital carries a more optimistic opinion on the future of BTC. According to him, the value of the dominant cryptocurrency will keep on surging through April and May. Morehead states, “Bitcoin has been growing at 165 percent a year for the six years that we have been in business. And something that is growing that fast hardly ever gets down below its 200-day moving average. When it does, it is a very good time to buy. It did five years ago when we launched our first fund, and it just crossed that earlier in April.”

Besides bitcoins, the entire crypto market has seen a price growth as well and has climbed up to a combined market cap of over $400 billion. All of the five largest cryptocurrencies in the market are experiencing a one-month high at this moment.

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