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Bitcoin Price Closer Than Ever to $600 as Bull Run Continues

Source: bitcoin

Bull Market Bitcoin

Bitcoin has done it again. In just a matter of days, the world’s favorite virtual currency has shot up in price by another $40 USD and is now hovering at around the $579 USD range at press time.

Also read: Bitcoin Price Finds Stability After Massive Bull Rally

Bitcoin Continues to Rise

As several fans and analysts proclaim, this rally is undoubtedly huge, and could likely spark a whole new era for bitcoin and digital currency. We are now just around the corner from $600 USD, and many feel that bitcoin could easily reach $680 USD within the coming weeks.

Initial reports claim that 2016 is fast becoming “bitcoin’s year.” According to blockchain.info, the currency has added approximately $1.2 billion USD to its growing market cap, and the recent drop in Ethereum to USD trading may have a lot to do with its rising stance. Bitcoin is now at  its highest in almost two years, and things are still looking up.

Despite the good news, however, some are arguing that traders should remain cautious.

As one source explains, data is suggesting that bitcoin may indeed be reaching the end of its present price spike and that the “price has not yet left the area of recent correction.” This means that bitcoin’s price is not presently showing clear signs that it will be moving forward again right away.

Furthermore, it is stated that investors should wait a little longer before throwing themselves and their funds directly into the growing bitcoin bin:

“The bitcoin price is pushing higher, but speculators should be cautious of the current position of price… The current risk is that today’s surge could only be an ending component.”

While words of caution like these should always be considered, it’s a little difficult to believe fully that things will end where they are. Such words have been thrown into the open air since bitcoin began its initial ascension last November, and it has remained relatively tight since then.

Sure, there have been a few blunders along the way — $15 here or $10 there — but bitcoin always manages to pull itself back together, and the loyalty of its fans has been repaid more often than not in recent months.

Some words of advice – don’t confuse caution with fear. Sitting around and doing nothing while others take action and reap the rewards is no way to live. That said, perhaps rushing in head-first isn’t exactly the best approach either. Give yourself time, and see about exploring ways around any possibly dangerous zones.

Will we hit $680? Post your thoughts and comments below!


Images courtesy of Globe Advisor, Bitcoinist.net.

The post Bitcoin Price Closer Than Ever to $600 as Bull Run Continues appeared first on Bitcoinist.net.

Bitcoin Price Closer Than Ever to 0 as Bull Run Continues

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Kvě 15

Will the Bitcoin Price Hang Where It Is for a Little While?

Source: bitcoin

Crix

Since our previous look at the bitcoin price, bitcoin has enjoyed a hike of about two dollars. It’s not terrible; after all, any rise in price is something worth celebrating, but at the same time, $2 is nothing to jump and holler about. Considering bitcoin’s operations in the past, it’s probably safe to say that Bitcoin has found a spot to hover close and settle down for at least a little while.

Also read: Bitcoin Price Stagnates, What Happens Next?

What Is the Bitcoin Price Doing?

As one source puts it:

“The Bitcoin price has not made any significant move during the quiet Saturday trade. The start of the day in the U.S. may change that, but for now, it looks like continuing inaction will be the prospect… A quiet day in the Bitcoin price chart as the price sticks close to the 200-hour moving average… Low volume trade keeps the price within the constraints of the converging support near $449 (Bitstamp), and the horizontal resistance zone between $462 and $470… The recommendation remains that traders and investors wait for the price to establish… The 1-day and 1-week charts explored yesterday imply a risk of decline.”

A risk of decline… This certainly isn’t music to any bitcoin advocate working today.

As we’ve seen before, Bitcoin is more than capable of “sticking to one post” when it finds a comfortable place to hang. Unlucky for us in 2015, Bitcoin slumped down to one of its lowest points in years. Enthusiasts were pulling their hair and drinking their sorrows away, but the shocking truth was that bitcoin, for one reason or another, seemed to be enjoying where it was. Otherwise, would it have taken as long as it did to restart its ascension to the top once again?

Looking at the present situation, we are certainly grateful that the digital currency is choosing the $450 range rather than the $250 range, but we can’t help but wonder if things will be slow-moving from here on out (at least for a while). Will bitcoin stay here for some time? Will it be another 11 months all over again? Or maybe 12 months or 18 months for it to start thinking about another rise? A simple, $2 bump in value doesn’t put these thoughts out of our minds completely, and we can’t help but wonder where things are destined to go from here.

Do you foresee bitcoin continuing its rise, or falling from here on out? Post your thoughts and comments below!


 

Images courtesy of BitcoinAverage.

The post Will the Bitcoin Price Hang Where It Is for a Little While? appeared first on Bitcoinist.net.

Will the Bitcoin Price Hang Where It Is for a Little While?

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