With Christmas here and everybody sitting at home opening presents, the Bitcoin market is in a hibernation state today. With diminished volume after the bear trap on the 20th, Bitcoin is steadily rising and showing no signs of slowing down.
Part of the recent price rise may be attributed to reuter’s recent article titled: Record highs predicted for bitcoin in 2016 as new supply halves. In that article, Daniel Masters, co-founder of Jersey-based Global Advisors’ multi-million dollar bitcoin hedge fund compared Bitcoin’s reward halving to an oil company announcing that oil production is going to be cut in half in a few months. The oil market would react with a substantial price hike, Masters further suggests that the halving hasn’t yet been counted into the bitcoin price because the market is in it’s infancy. That suggests that Bitcoin may see new highs in 2016. If Bitcoin does indeed reach new highs then that would mean that the so called bubble of 2014 wasn’t really a bubble and that is when Bitcoin may see the moon with prices soaring in the thousands
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http://themerkle.com/coins/bitcoin-technical-analysis-122515/
