BTC
Dollar strength came into play late in the week but bitcoin price has been able to hold its ground on strengthening expectations that the November upgrade could turn out well. Apart from that, political risks all over the globe like in New Zealand and Europe could continue to keep investors interested in digital gold.
Reports that bitcoin is about to get regulated in Australia gave the cryptocurrency a boost as this could mean better infrastructure for firms in that area. Apart from that, there have been rumors that China could reverse its recent bitcoin ban, reviving demand and volumes for the cryptocurrency. Some predict that this could send bitcoin price up to $10,000 in the next six to 10 months.
Late last week, some people were expecting that after passing the $6,000 mark there can be some big corrections after but what happened is that yes Bitcoin kept holding on between $5,900 - $6,000 and who knows it can have a little surge just before the scheduled fork. Now what will happen after October 25 can be something we have to leave to wild imaginations...but I am hoping that Bitcoin would have the energy to finally go beyond the $6,000 level for good...maybe getting into the $5,300 at last.
Talking about China. We are aware that China is a big market and if there can be that possibility that it can returned into the cryptocurrency market then it would definitely be a big boost to the digital currency movement. But personally speaking I am not really banking on China anymore as it is unreliable and maybe those are just speculations and gossips not really worth picking up. China has a different mindset and orientation compared to the people in the West and they have a different agenda too.
