Bitcoin, surpassing all borderlines of wealth creation.
December 12, 2017 5:55 am,
Bitcoin, best known as the world’s first profound decentralized digital currency is traded on a peer-to-peer basis with a distributed ledger technology network called the Blockchain.
The Bitcoin exchange rate to the US Dollar and other major currencies is determined by supply and demand as with other global exchange rates. And in this on-going phase, BTC has turned out to be one heck of a volatile investment vehicle.
As the BTC/USD reached its new all-time high in the recent days, price action speed was lightning fast, signaling exhaustion for the bulls in the very short-term.
Just in, we have the Managing Director of cryptocurrency trading firm Octagon Strategy, Mr. Dave Chapman making a statement that ,”I wouldn’t be surprised to see a six-figure headline,” suggesting that he sees the price of bitcoin exceeding $100,000 before the end of 2018.
Launching the first futures contract in bitcoins, the Chicago Board Options Exchange (CBOE)’s website crashed at 6 p.m. EST on 11/12/2017. The website’s downtime which CBOE attributed to significant traffic around the futures launch meaning investors will be able to bet on – or against – bitcoin without actually buying or selling it, coincided with a sudden surge in the price of bitcoin, which jumped from $14,509 at 22:59 UTC to $15,732 at 23:06 UTC on the same day, according to CoinDesk’s Bitcoin Price Index (BPI).
Considering the past three large range days, the digital currency is forming an inside day candlestick pattern. In the views of experts, the first few hours of futures trading are likely to be very volatile.
BTC is currently undergoing parabolic growth in the setting of unprecedented institutional and retail demand. The market cap is currently US$287.6 billion on US$22 billion worldwide volume over the past 2 days. The market cap is approaching and is all set to takeover of a major bank, such as JP Morgan and Bank of America.
In this regard, the technical experts suggest price further increasing at a breakneck speed, potentially above USD 25,000, with a maximum of US $30,000-$40,000 before a significant pullback.
On the upside, all-time highs are the only resistance keeping Bitcoin from rising sky high. Any projection or estimation on a potential ceiling looks impossible to make right now and no expert wants to recommend anything with respect to price movements of BTC.
On the downside, the first support level is at $16170, followed by $15650 and the most meaningful one at $14890.
Hence we can conclude saying that despite a healthy short-term retracement, the bullish potential still remains unlimited!
Update yourself with a fact or two about the bitcoin rally: http://www.moneycontrol.com/news/business/personal/bubble-or-not-facts-you-might-not-know-about-bitcoin-rally-2451061.html