Bitcoin Price Breaks through $8000 – Cryptocurrency Hits Nine Month High

At time of writing, the price of Bitcoin [BTC] has just broken through the US$8,000 dollar mark (a nine month high), but is currently trading $7,987.75.

As you can see it has broken sharply above moving averages with a crossover occurring in late February:

Bitcoin Price

Source: tradingview.com

While the crossover would have been an excellent time to buy, we look ahead to whether the cryptocurrency can sustain its run.

Mega-trend tech report: Read on and discover why Sam Volkering believes the crypto tech-boom could last 100 years (or more) — and how you could profit.

Big news around the corner for Bitcoin as insiders get in early

There are a number of factors driving the Bitcoin price up and it appears to be those already involved in the crypto space that are behind the move.

Firstly, there are rumours that eBay will enter the cryptocurrency game resulting from their sponsorship of a blockchain conference called Consensus in New York which kicked off yesterday.

Combine this with the impending launch of a physical Bitcoin futures market and moves by Facebook and Samsung to enter the blockchain sphere, you have the beginnings of a boom.

Everyday investors yet to catch on to Bitcoin price spike

Search results like ‘buy Bitcoin’ and ‘bitcoin’ are yet to register big gains on Google Trends so this suggests it is those already familiar with crypto that are driving the push.

We had previously covered its push above US$5,000 mark on 1 April.

At the time, we suggested that there could be something more to the rally as institutional investors increasingly push into the space.

The feeling here at Money Morning is that this could be the start of another exponential run.

You can get an inside look at the looming bitcoin renaissance in this report, which details five crucial things you need to know about the premier cryptocurrency.

Regards,

Lachlann Tierney,

For Money Morning


Lachlann Tierney is a writer for Money Morning and has been investing for nearly a decade. With an MSc from the London School of Economics, he brings a sound understanding of global markets to his writing. Lachlann is interested in emerging technologies, energy solutions and helping people invest their money wisely. Recently, he has been working with Phil Anderson and Terence Duffy. They have three publications:

Phil Anderson’s Time Trader
Cycles, Trends & Forecasts
Money Morning Trader


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