Is the Bitcoin Price Slump Finally Coming to an End?
The bitcoin price has slumped again. Following our previous price piece, bitcoin dropped by $6 and is hovering around $575 at press time. However, some signs suggest that the bulls may soon be returning, putting bitcoin back on an upward path.
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It’s depressing at first, but most analysts believe that the bitcoin drop may finally be coming to an end. One particular source suggests that present charts are relatively mixed, and while they don’t offer serious answers, the one-day chart has ‘stopped declining and is even slowly turning up in some exchange charts. Hopefully, this means that we see consolidation below $600 and then a surge higher.’
Another source agrees. It explains that buying bitcoin has been at an all-time high throughout the last two weeks. There is greater stability, and a breakthrough is expected relatively soon. The source reads:
‘If the defined break happens, we will get into a long position above the $600 range, adding more intra-range strategies. Currently, indicators… on the 24-hour chart seem to suggest an immediate upside target with significant congestion points in the $600-700 range… These market indicators suggest the bitcoin price will see an upward trajectory as long as buying, demand and optimism stay consistent. The community and recent positive headlines show this may be the case over the next couple weeks.’
This post was published at Bitcoinist on 2016/08/25.