Bitcoin is on an upward trend for quite some time now, and mainstream media is completely ignoring this trend. Whenever the digital currency is the center of positive attention, the media will make no mention of Bitcoin. But when things are going haywire, or if heavy discussions ensue, they are among the first ones to spew negativity. Regardless of all of that, the Bitcoin price is currently on its way to hit the US$440 mark in the very near future, and things are looking up once again.
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It is rather difficult to pinpoint where this growing price trend is coming from all of a sudden. perhaps it has to do with the theoretical consensus regarding the Bitcoin block size, or maybe people are finally starting to see the value in digital currency. Our expert analyst will be able to tell you more in the next 24 hours.
What is of greater importance is how the Bitcoin price is evolving in recent weeks. Rather than taking a significant growth spurt and plummeting back down the next day, this rise seems to be gradual. There is some resistance along the way, as people who bought cheaper Bitcoins are taking their profits by liquidating assets.
This is a very normal scenario in the world of finance, and Bitcoin is no exception to day trading. At the same time, the number of people who see Bitcoin as a long-term investment is growing as well. Unlike what traders assumed a few years ago, the days of quick profits in Bitcoin are over.
As one would come to expect, there are those people in the Bitcoin community who feel the digital currency is still undervalued by quite a margin, and how this will be the beginning of a major breakout. However, financial markets are very fickle, and can change direction on a whim’s notice. It is simply far too early to cry victory just yet, although this Bitcoin price increase is looking promising.
Some people might even see the current Bitcoin price trend as a validation of its underpinning technology, which we all know as the blockchain. With so many companies looking to explore the options of what this technology is capable of in various aspects outside of the financial world, the future’s looking bright for digital currency in general.
But there is always reason to be cautious as well, as most Bitcoin price increases are followed by either a slump or a downward trend. Considering how there is only a limited number of bitcoins available, establishing a stable price point should be possible in theory. That being said, as long as the value of Bitcoin remains linked to fiat currency – which are very volatile markets right now – it is all but impossible to achieve a stable price point.
Source: Bitcoinwisdom
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