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

Source: Coinmarketcap

Source: Tradingview.com

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