Bitcoin Price Surpasses $5,600 yet Correction Seems Nigh

With Bitcoin remaining on the bullish side of the spectrum, it is evident there is both excitement and concern. Many people hope the Bitcoin price notes a new all-time high this year, yet others fear this is yet another fake breakout. For now, the value remains above $5,600, but sustaining it is very difficult.

Bitcoin Price Uptrend Isn’t Slowing Down

Although Bitcoin’s bullish trend is causing some disruption among the alternative markets, very few people will actively care about that right now. When Bitcoin dominates the headlines everywhere, money is pulled out of altcoins faster than people can blink with their eyes. It is the normal flow of things in crypto land, and will continue to be for quite some time to come.

As far as the current Bitcoin price trend is concerned, there is another 4.43% gain over the past 24 hours. Not only has this allowed Bitcoin to surpass $5,400, but $5,500 and even $5,600 as well. A very bullish surge which might meet some form of a correction fairly quickly. This will be pretty interesting to keep an eye on over the coming hours.

On social media, there is plenty of BTC price talk to choose from right now. Whether any of the predictions will turn out to be correct, is anyone’s guess, for the time being. Crypto Assassin expects either sideways trading or a pretty steep dump over the next few hours. Even so, Bitcoin has defied traders’ expectations on many occasions, thus things can easily head in either direction.

A very different sentiment is shared by #Facepalm, who only has three words for the cryptocurrency community. Those words are “Bitcoin”, “bull”. ‘now”. It is certainly true Bitcoin is on a bull run for quite some time now, yet the main objective is always to ensure such growth remains in place for an extended period of time. That may prove to be a big hurdle, given the recent gains.

Perhaps the funniest Bitcoin chart was shared by EmptyBeerBottle quite some time ago. This user expected a clear cup-and-handle pattern for Bitcoin, and even drew an actual mug with a handle on the price chart to prove a point. A very funny chart, albeit one that certainly came true in the end.

When looking at the much bigger picture, it is evident Bitcoin’s uptrend will cause altcoins to crumble and lose value for some time to come. However, if the Bitcoin surge were to come to an abrupt halt, it would seem plausible those altcoins will bleed even more value because of it. As such, there will always be some momentum to enjoy in the hours to come, either for better or worse.


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com