Bitcoin Price to Hit $1,000 Once Again? The Rally Continues
Bitcoin has undergone another impressive rise. Since our last price piece, everyone’s favorite digital currency has spiked by nearly $20, and is now hovering at around $767 at press time.
Also read: Bitcoin Price Bursts Ahead, Nearing $700
Bitcoin Continues Towards the Moon
As one analyst proclaimed:
“The bitcoin price… bubbles just below $700… and the mood in Bitcoin Land is positive.”
And yet despite the latest catapult, some are claiming that bitcoin, upon hitting $700, will likely hover at that range for a quite while. One source explains:
“Bitcoin price is stuck in consolidation once more, following a strong upside breakout last week… Looking back at the previous breakouts shows that it occurs towards the end of the week and sustains its momentum until Monday… Upcoming event risks could keep this schedule in play.”
“Now that the price has achieved a level last seen more than two years ago, the market is exuberant and strong buying should continue. We’re seeing the second wave of profit taking from the rally top today and the market’s willingness to resume advance will be confirmed if price can hold above $680.”
Well, $680 has come and gone, and Bitcoin could potentially be headed where it was about three years ago; near the $1,000 range and beyond. This time, however, it appears Bitcoin is emerging from the gym completely pumped not by way of steroids and anabolic agents (in other words, outside manipulation) but by users’ real, financial needs. Let’s just hope things stay that way.