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Bitcoin Price Flying High for Long?

bitcoin priceBitcoin recently dived to $3,824 and then picked back up to a high of $4,480. At the time of this posting, the price is currently at around $4,294. Bitcoin has been fairly volatile lately due to the recent all time highs and the market is at a crossroad regarding its next move. We are now seeing the biggest increase in market capitalization yet. With one Bitcoin pricing in at over $4,000 in the past few days and the current market capital hovering at around $68 billion. Looking back to August 15th of 2013, Just four years ago, roughly four years after

bitcoin price

Bitcoin recently dived to $3,824 and then picked back up to a high of $4,480. At the time of this posting, the price is currently at around $4,294. Bitcoin has been fairly volatile lately due to the recent all time highs and the market is at a crossroad regarding its next move.

We are now seeing the biggest increase in market capitalization yet. With one Bitcoin pricing in at over $4,000 in the past few days and the current market capital hovering at around $68 billion. Looking back to August 15th of 2013, Just four years ago, roughly four years after the inception of Bitcoin, the market capital was at ~$1.3 Billion and the price of one Bitcoin was at a measly $111.70.

Many respectable people in the Bitcoin industry or even outside of the industry have speculated recently that Bitcoin may go to $500,000 USD. Another had speculated $7,500 by this years end, which is something 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 pushing 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 is currently stating “new support and new target”, So the hopes and technical views of higher BTC prices still exist!

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 to buy 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.io – This is not investment / trade advice. Always do your own independent research.