Bitcoin Price Flying High for Long?

The price of Bitcoin recently dove to US$3,824 and subsequently picked back up to reach a high of US$4,480. At the time of this post, the price sits at around US$4,294. Bitcoin has been fairly volatile lately due to the recent all-time highs, and the market is at a crossroads in regard to its next move.

We have seen the largest increase in market capitalization yet, with one Bitcoin pricing in at over US$4,000 in recent days and the current market capitalization hovering at around US$68 billion. In August 2013, roughly four years after the inception of Bitcoin, the market cap was at approximately US$1.3 billion and the price of one Bitcoin was a measly US$111.70.

Many respectable people in the Bitcoin industry or even outside of the industry have recently speculated that BTC might go to US$500,000. Another has speculated US$7,500 by this year’s end, which is more realistic in my opinion. I do personally speculate that Bitcoin can reach 5 digit pricing in the near future.

Key Points:

  • Bitcoin price mania continues
  • Rarity of Bitcoin pushes the price up
  • RSI has been over 70, still overbought

Source: Bitstamp.com

In other news, most altcoins have been seeing red as of late, potentially due to the recent Bitcoin price increase and speculation of much higher pricing.
alts decrease

Source: Coinmarketcap

A trader named DianKemala on Tradingview.com recently noted a “new support and new target” for Bitcoin, which goes to show that bullish market sentiment still exists!

Source: Tradingview.com

Bitcoin’s RSI has been over 70 since August 9th, so for 10 days now the market has been in the overbought zone. The cryptocurrency market is ever-evolving and doesn’t seem to be slowing down anytime soon, even with the high RSI. However, traders should be careful about buying in when the market has been in such a dangerous zone for so long.

Bitcoin pricing sponsored by Denarius [DNR]. More information at https://denarius.ioThis is not investment / trade advice. Always do your own independent research.

6 Comments

  1. Waqrmb May 4, 2021
  2. Vpmtnv May 6, 2021
  3. Sclgch May 9, 2021
  4. Tdqsyo May 11, 2021
  5. HarryPax May 13, 2021
  6. Owksgn May 13, 2021

Leave a Reply