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Why does Bitcoin soar to more than US $7,000?
Why does Bitcoin soar to more than US $7,000?

Reporting from several bitcoin cryptocurrency survey sites that oppose gravity this week after serious security breaches and theft at the world's largest crypto currency exchange, Binance, yesterday surged more than 10% to more than $ 7,000, the highest value this year. Bitcoin prices which were at the start of 2019 were under $ 4,000, yesterday reaching $ 7,049 on the Luxembourg-based Bitstamp exchange. The broader crypto currency market follows higher bitcoin increases, such as bitcoin cash, litecoin, and EOS all generate double-digit profits over the past 24 hours.

The steady increase in Bitcoin to $ 7,000 seems to be due to an increase in bitcoin and crypto sentiment and technical data that is spurring the market. Earlier this week, closely watched technical indicators showed that the bitcoin bull run could return after bitcoin and the wider crypto currency market slumped throughout 2018. Bitcoin relative strength index (RSI), used to identify momentum behind asset prices, this week recorded the highest value since early 2018. Bitcoin exploded into public awareness in 2017, with bitcoin prices rising from under $ 1,000 to almost $ 20,000 in less than 12 months. Since then, sentiment has worsened when financial institutions and major retailers failed to support bitcoin and other major crypto currencies.

Meanwhile, bullish analysts continue to voice their support for bitcoin ahead of one of the biggest events in the crypto currency calendar starting next week, namely the NYC Blockchain Week and CoinDeses 2019 event. The event will begin Monday 13 May 2019 and take place throughout the week at the New York Hilton Midtown. Yesterday, analysts from investment bank Canaccord Genuity said they expected the value of bitcoin to strengthen for the next 24 months. Bitcoin has the potential to return to the highest level as at the end of 2017, because events in the next year the number of bitcoins awarded to miners will be cut by 50%.