The bitcoin price is hovering around $573 at press time. That’s a two-dollar drop since our previous price piece. Not much has happened, and bitcoin is still residing in its current hovel.
Also read: Is the Bitcoin Price Slump Finally Coming to an End?
Preparing for a Major Bitcoin Price Rally
In our previous article, the notion of bitcoin’s slumping ways coming to an end was introduced. Sentiment across the board was that bitcoin’s sudden decline in price was on the verge of ceasing, and a sudden pull towards $600 was again a possibility. While the move hasn’t been made just yet, we must remember that large changes like this necessitate time, and we’re not likely to see a gargantuan increase in the coming weeks. Bitcoin will probably stay where it is for the time being and fully reinforce itself before once again climbing to the top.
Some analysts appear sure, however, that such a climb is set to take place. It may not look like this at first, but work seems to be occurring under the radar. One source explains:
“Price action is looking encouraging, and now we wait for technical confirmation of an advance… If the market can keep the price above $550 support, this may be the base pattern prior to an advance toward the other significant level in the current chart area: $680.”
You heard it here, folks. Apparently, all bitcoin has to do is hold its ground for a little while longer, and then $680 can become a valid and reachable goal once again.
Another source states that the market is remaining steady, but is a bit shaky on both ends. In line with the previous quote, however, a positive outcome will undoubtedly emerge should bitcoin manage to keep itself secure enough to last through the coming days:
“The levels in focus for this evening’s session are pretty much unchanged… Specifically, we are going to hold support to the downside at 574, and resistance to the upside at 579… If price breaks above resistance, we will get in towards 585 flat.”
It’s a barricade that bitcoin can purportedly burst through, despite the level of choppiness being witnessed in today’s market. Analysts remain confident that Bitcoin is preparing for something big, and investors are advised to wait for the right moment to jump forward:
“The smart strategy in the current chart is to wait for the price to advance above $600 since that will open generous profit to $680 while allowing the market to go through the motions if it is indeed building a base pattern for advance.”
Is bitcoin going to reach $680 in the coming weeks? Post your thoughts and comments below!
Images courtesy of Bitcoinist.net, bitcoinspace.net.