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Bitcoin briefly surpasses $9,700, marking a new 2020 high

By Yana Berman

Analysts predict that the price of the cryptocurrency is set to move even higher

The world’s major cryptocurrency, Bitcoin (0'>BTC), has briefly surpassed an important checkpoint of $9,700, hitting a new 2020 high.

Bitcoin crossed the mark late on Wednesday, February 5. After hitting $9,775 the price faced a moderate correction. At press time, Bitcoin is hovering around $9,600 being up 4 per cent on a 24-hour range.

Bitcoin dominance on the market was 60,96 per cent, while its market cap was around $175.2bn.

As Rakesh Upadhyay, analyst at Currency.com, wrote earlier this week, Bitcoin is likely to move further to $10,000 in the long term. If the price does not give up much ground from $10,550, the rally is likely to extend to $12,000.

Cointelegraph analysts wrote that Bitcoin has just completed the three white soldiers candlestick pattern, which is a bullish arrangement. They believe that further continuation past $9,700 is likely.

In the meantime, other major currencies were also in the green. The world’s second largest crypto, Ethereum (ETH), was up almost 10 per cent to $209.15. Bitcoin Cash and Bitcoin SV were up 13.6 and 11 per cent respectively, while EOS gained 8 per cent.

Michael Novogratz, billionaire and CEO of digital assets bank Galaxy Digital, believes that some alt coins could even outperform Bitcoin. In a tweet dedicated to a recent bullish move in the market he wrote that XRP and other cryptos are still in the "proving phase", They aren’t going to succeed as solely a store of value as Bitcoin has already taken the lane. Therefore, they have to build up their own use cases and local communities.

FURTHER READING: Bitcoin prediction this week February 3 to 9: Bitcoin likely to move up gradually to $10,000

FURTHER READING: Bitcoin transactions pass half a billion

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