Bitcoin Price Breakout Leads to $600, More Growth to Come?
The bitcoin price has done it again! After much speculation, the price of everyone’s favorite digital currency has broken the $600 level, and for the most part, bullish trends are expected to continue.
Bitcoin Price Set for Continued Rise
“Price is advancing above $600… It’s hard to conceive how the market will now reverse trend into decline. The declining scenarios mentioned during the past two weeks are negated by the massive volume required to push price $25 higher in a single candle. Ongoing advance is the most probable outcome.”
Another source agrees, and seems to believe that bitcoin will hit an even larger goal within the week:
“Indicators suggest that the market will continue its uptrend. Prices in the $625-650 range seem attainable in the short-term. The long-term could see prices move up towards $680-700 if trend lines are correct and bullish momentum keeps up.”
A few things are likely contributing to the rise. As discussed in our previous price piece, reimbursements by way of Bitfinex may have a hand in the price increase. However, one major contributor could be the new Brave Browser, which according to its website, “blocks ads and trackers, making it faster and safer than your current browser.” The announcement was recently made that the browser would implement bitcoin micropayments, allowing users to “tip” websites they enjoy and visit frequently.
Perhaps the biggest factors are thoughts of a potential recession spreading through Asia and Europe. Central banks are suffering from what one source is citing as “below-zero policy rates.” Negative interest rates are hitting banks throughout countries like Japan, Switzerland and Sweden. Meanwhile, in the States, despite the US Federal Reserve declining to comment, a mild recession stemming from these regions may be likely to hit the U.S. by late 2017.
Many could be looking at bitcoin as something of a saving grace; an answer to the financial problems some are set up to face. Could bitcoin help thwart another 2008? The idea is something to consider, and it seems traders and enthusiasts alike are taking the time to prepare.
And in light of everything, the possibility that bitcoin could drop once again is not entirely out of the ordinary, and analysts are warning us to stay alert. However, the do mention that should a bear scenario take place, results aren’t likely to hit us that hard:
“If we see a price decline, we will likely hit support levels in the $580 range. Lower floors of $560 are possible, but look inconceivable as of press time.”
Will bitcoin hit $680 soon? Post your thoughts and comments below!
Images courtesy of Bitcoinist, Nasdaq.