The price of Bitcoin has hit its highest level since May 2018, inching towards $10k. The cryptocurrency started this week with a bang with its price crossing $9000 levels earlier on Sunday, June 16. During the last 24 hours, bitcoin’s total market cap has soared from $164 billion to $173 billion – an increase of $9 billion. Currently, it is trading at $9,788.21k.

On Thursday evening and the night before Friday, the bitcoin price made a jump. From a level of around $9,288, the price soared sharply in just a few hours – and topped out at $9,800. To put this into perspective, Bitcoin was below the $4,000 level in March 2019 before its price started to rise at a dizzying pace on 2nd April. Since the Sunday price rally, Bitcoin is consolidating at around $9200 levels. However, popular personalities and analysts from the cryptocurrency industry are setting up new targets for the long term.

Thomas Lee, the founder of Fundstrat Global Advisors is extremely bullish on the upcoming price surge in Bitcoin. Lee expects that if Bitcoin crosses the crucial levels of $10000, it will shoot to the moon. According to Lee, Bitcoin can surge at least 200-400% after crossing $10,000 levels. While bitcoin continues to surge, the same can’t be said for other cryptocurrencies. They have remained fairly flat in trading today with some exceptions, including Monero and Binance Coin.

The Bitcoin price rally has restored the confidence among its investors, and more importantly, it has made the crypto heavyweights heavily bullish on its future.