Bitcoin’s rally above $8,000 comes just a couple of weeks after the cryptocurrency committed a death cross, where its 200-day moving average fell below its 50-day line. The death cross is normally bearish, but it needs to be validated, something bitcoin did not do.
The range of bitcoin price estimates is confounding. Some bitcoin bulls believe the currency can got to $25,000 while others have high six-figure price forecasts for the coming years. On the other hand, there are not shortage of critics, either. For example, Warren Buffett previously said the idea of bitcoin having intrinsic value is a “joke,” according to Bloomberg.
Related: Bitcoin’s Next Mountain to Climb
Recently, the Bitcoin Dominance Index has been rising, confirming the dominant perch of the cryptocurrency. After bitcoin, the largest cryptocurrencies are Ethereum, Ripple, Bitcoin Cash and Litecoin.
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