Bitcoin surges to $8500. is it ready for a bull run?
This is already the start of some sort of bull run. The question is whether it's going to be a sustained one and how long it's going to continue. I've said in other threads that it's way too early to tell what's going on--definitely too early to celebrate--but the good thing is that bitcoin has gotten un-stuck. Being caught in a narrow range for months can be demoralizing for traders and confusing for long-term holders.
I was wondering which way bitcoin would break when it started moving, and I'm glad it was upward. We'll see how long it lasts, though. Would be nice if we started (slowly) approaching $20k.
It's not that hard to predict that the main target short term is 10k. People like round numbers and they work like magnets most of the time. The only reason why a price stops before reaching one of those round targets is negative news or cancellation of some positive news. Right now the main target is 10k, but one of the reasons for the push towards it is the ETF news. If this got nullified by a negative decision we'd stop before reaching 10k. If it goes through we'll most likely see price go above that level with a target of 20k.