The bitcoin price surged as much as 7.60-percent on Friday to establish a new 2019 peak at $5,796.93. The uptrend pushed bitcoin’s year-to-date rally to an impressive 54.08-percent. At the same time, it brought the asset’s total recovery to an astounding 82-percent and set the cryptocurrency well on its way to a fresh record high.
Here are three factors that indicate the bitcoin price has not only found a bottom but is also well on its way to smashing through the $20,000 peak it set in late 2017.
Yesterday, Factor Trading author Peter Brandt suggested the bitcoin price could hit $19,800 in the future. He backed his prediction using a weekly moving average indicator, noting that it was now trending below the bitcoin spot price.