CAN THE BITCOIN PRICE SURPASS $4,000 AGAIN?
No one can deny the yo-yo effect is clearly visible across all cryptocurrency markets right now. After a week filled with ups and downs, it seems the Bitcoin price may finally head back to $4,000 and more. Thanks to a 10.05% price increase over the past 24 hours, things are looking pretty solid once again. Breaking the resistance at $4,000 will not be easy, though.
Zooming out to see the bigger picture, the bullish trend for Bitcoin is still intact as of right now. Even though the past few weeks have been volatile, the upward momentum is still there and hasn’t missed a beat whatsoever. During these volatile times, many people tend to forget Bitcoin was worth Less than $1,000 on January 1st. Right now, that same BTC is worth nearly $4,000 even though it has declined in value quite a bit compared to the all-time high.
Read more about this here. Bitcoin is again rising for the past many days and this is the big proof how resilient Bitcoin has become. It may not be able to surmount the $4,000 wall as there can be some possible profit-taking one the value will almost touch that level but we know that eventually Bitcoin can go beyond $4,000 and can soon be hovering in the vicinity of $4,500 and that can be where it would stay for sometime while waiting for the possible hard fork in November.
People who are Bitcoin enthusiasts are happy with the way Bitcoin handled the China Challenge and the subsequent China Effect...from now on it can be told that Bitcoin can all survive intact even with the minimal involvement of the Chinese due to restrictions from their government (though there are many creative ways to circumvent restrictions, of course).
Long live, Bitcoin!
