Bitcoin has been in full-on bull mode for several days now. A lot of the price gains have been noted before and during the weekend, surprising a lot of people in the process. At the time of writing, the Bitcoin price is sitting at US$4,454, which makes it very plausible we will breach the US$4,500 resistance rather soon. It’s a surprising yet welcome turn of events for all cryptocurrency enthusiasts.
A Bitcoin Price Target of $4,500 is Realistic
Just a week ago, it appeared Bitcoin would be stuck in sideways trading momentum for several more weeks. A lot of people were disappointed the market had seen such a sharp correction due to the news coming out of China. Now that the world finally realizes China doesn’t control the Bitcoin market – nor does anyone else, for that matter – things are slowly going back to the way they were. More specifically, the Bitcoin price is inching its way up to US$4,500 once again.
With another 3.31% gain in value overnight, the Bitcoin price momentum has been making a very bullish comeback these past few days. In fact, the Bitcoin price has gone from US$3,770 to US$4,454 over the course of just one week, with only one minor dip to be found on the charts during this period. The growth of Bitcoin has been rather remarkable and will continue to surprise a lot of people for quite some time to come.
As is often the case in the world of cryptocurrency, there is no actual news influencing the price. If there were some positive media attention, one would expect a Bitcoin price increase. This current trend, however, is simply the market shrugging off overhyped information which won’t have any lasting effect on Bitcoin or other cryptocurrencies in the end. Although there will be some pushback over the next few days, the path toward US$4,500 is wide open once again.
Thanks to a relatively strong trading volume of US$1.433 billion, things are looking pretty solid for the Bitcoin price right now. There is still growing demand to both buy and sell Bitcoin on a global scale, which can only be considered a good thing. Despite the best efforts of regulators in certain countries, people will always be able to buy and sell cryptocurrency in one way or another. Opposing this form of innovation is the worst decision any government can make right now; that much is rather evident.
As has been the case all week, Bitfinex is the leading Bitcoin exchange by trading volume. Bittrex is a surprising second entry, although this has more to do with a new altcoin being released which is experiencing its first pump-and-dump cycle as we speak. Bithumb and bitFlyer are still in the top 4 as well, although it is evident the South Korean exchange has a clear lead over Japan’s leading platform. Interestingly, Bithumb’s trading volume is US$30 million higher than bitFlyer’s right now.
All things considered, things are looking good for the Bitcoin price right now. A return to US$4,500 appears imminent and will only be a matter of time. Rest assured there will be some market opposition to prevent that from happening too soon, but it will be a trivial effort in the end. The true Bitcoin price has yet to be determined, and reaching US$5,000 was only a taste of what the future may hold. Selling Bitcoin now for no good reason could be a very costly mistake.
