The bitcoin bounce may have legs: Crypto bull makes the case for a run back up to $10,000

Bitcoin surged Thursday, briefly above $8,000 per coin on the Coinbase exchange, and I think this move has more room to run.

Cryptocurrencies have been under pressure for the majority of 2018, due in part to selling in time for tax season, as well as pending regulation in the space. This has caused a capitulation in investor sentiment; in other words, investors have more or less waved a white flag as bitcoin has declined so sharply from its December highs. Now, I see $10,000 in the cards.

Can the bounce continue?

I am looking to positive developments from various cryptocurrency exchanges in the coming months, which should be supportive to the market. Bitcoin has been bottoming out over the last week, $500 higher than its lows in February of $6,000.

That level, specifically, goes back to align with the cryptocurrency's breakout in November. Now, there is now tremendous support here.

Meanwhile, ethereum has found support of its own around the $375 mark, building somewhat of a base.

I believe the cryptocurrency space is most bullish when these two are working together; these factors together pave the way for bitcoin to make a run back to $10,000, at a minimum, in the coming weeks.

Vote to see results
Total Votes:

Not a Scientific Survey. Results may not total 100% due to rounding.


Trades to Watch

Trader Bios


Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's Closing Bell (M-F, 3PM-5PM ET). In addition, he contributes to CNBC and CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Follow Michael Santoli on Twitter @michaelsantoli

Read more