Bitcoin’s price continues to rise blasting past the anticipated $6300 resistance level currently trading at $7156 on Bitstamp setting another all time high for 2019. At the time of writing the price is incredibly parabolic and some traders expect a drop to $6000 in the near future. Moreover, the cryptocurrency’s overall marketcap peaked earlier today at $221 billion setting a 9 month all time high.
The two biggest questions right now are: What’s causing Bitcoin’s insane rally, and how high will Bitcoin go? There are a few theories as to what’s causing Bitcoin’s rally. The first one is that the current bullish momentum is caused by natural market cycles which alternate between bearish and bullish. After having a one year long bearish market, many technical indicators pointed towards a trend reversal. The crypto market luckily honored those indicators and entered into a bullish market.