Is $500k Bitcoin a Pipe Dream? This Chart Says Absolutely Not; Here’s Why

Bitcoin investors were pleased to find yesterday that BTC’s bulls have come out swinging and are now pushing the cryptocurrency’s price towards the psychologically critical price level of $10,000, which is just a hair above its current price.

Although in the short-term Bitcoin is certainly bullish, over the long run it is incredibly bullish, and one chart even points to the possibility that it will one day be trading at $500,000.

Bitcoin Climbs to $9,850, But Faces Some Resistance

At the time of writing Bitcoin is trading up over 5% at its current price of $9,850, up significantly from 24-hour lows of $9,300.

This massive upwards momentum marks a continuation of the buying pressure that BTC first incurred in early-April that led it to surge from lows of $4,000. It is now abundantly clear that the cryptocurrency is currently in the throes of a bull market, but in order for it to surge higher it is critical that it breaks above $10,000 in the near-future.

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