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Bitcoin Alert: New All-Time High For The Cryptocurrency

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Bitcoin Alert: New All-Time High For The Cryptocurrency

Introduction

This article was posted on Tuesday, 04:13, UTC.

Just a few hours after our previous alert, Bitcoin hit new all-time highs on several exchanges, rising to $2800 in Asian trading, just two weeks after a painful 30% decline that carried BTC’s price below $2000. The most valuable cryptocurrency is up more than three-fold since hitting $900 in March.

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Daily Chart of Bitcoin (Coinbase)

What’s next for Bitcoin?

Some analysts call it a bubble of epic proportions, some say that it’s just the beginning of a revolution and BTC is headed towards $4000 until the end of the year or even $1 million in 5-10 years. What’s sure, is that volatility will increase once again in the cryptocurrency, and that will likely affect altcoins as well. Litecoin and Monero have been showing strength among the alternative coins during the rally today, while the main rival of BTC, Ethereum traded near it’s all time high.

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Asian demand and adoption drove the recent leg of the rally, and while another steep correction is possible, there could be several waves of new investors and traders flooding the segment. The aggregate value of the cryptocurrency market just hit $100 billion, a far cry from being a meaningful number in today’s world, where central bank’s hold trillions of assets in the quest of keeping the global economy afloat, while only a small percentage of the investor community dared to touch Bitcoin et. al so far.

The blockchain technology behind Bitcoin is likely here to stay, but it’s hard to tell right now, which cryptocurrencies will emerge as the winners of the segment, Bitcoin is currently holding slightly less than 50% of the total value of the coins, while Ethereum accounts for half of that. For now, traders should keep their seatbelts fastened, as fireworks are almost assured in the coming days!

What’s important, is that traders should keep their seatbelts fastened, as fireworks are almost assured in the coming days!

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Feedback or Requests?

Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

Comments
  • user

    AUTHOR bitsurfer

    Posted on 6:06 am June 6, 2017.

    Thanks Mate! Exciting stuff. Seatbelt secured!

  • user

    AUTHOR yachayea

    Posted on 11:04 am June 6, 2017.

    hi Cser. I read your article well. By the way, what do you mean by fireworks ?

    • user

      AUTHOR Mate Cser

      Posted on 11:34 am June 6, 2017.

      Hi, by fireworks, I mean strong moves, high volatility, and quickly changing market conditions! Hope this helps!

      • user

        AUTHOR embersburnbrightly

        Posted on 4:10 pm June 6, 2017.

        Yep, Bitcoin just dropped by $100 in a matter of minutes. Short-term traders cashing out for profit, no doubt. Other majors are following suit. If we see a repeat of a previous recent large sell-off/correction, I am going to wait until things appear to have bottomed out temporarily and then BUY, BUY, BUY. I missed out on that opportunity the last time, don’t want to do it again; when we know it’s just a matter of time before these particular coins skyrocket again in value.

  • user

    AUTHOR Sfinance1966

    Posted on 5:13 pm June 6, 2017.

    What is the fibonnaci analysis on where Bitcoin is going near term, is this possible Mate Cser? Thanks.

    • user

      AUTHOR Mate Cser

      Posted on 5:29 pm June 6, 2017.

      Sure, I will look at the projections today! Thanks!

      • user

        AUTHOR Sfinance1966

        Posted on 10:45 pm June 6, 2017.

        Would be extremely useful in the context of the recent highs. Thanks

        • user

          AUTHOR Mate Cser

          Posted on 11:08 pm June 6, 2017.

          Hi, you will find it here. Hope it will be helpful!

          • user

            AUTHOR Sfinance1966

            Posted on 11:20 pm June 6, 2017.

            Yes very interesting, aligns well with other reports.
            Thanks!

  • user

    AUTHOR Jared Fox

    Posted on 5:29 pm June 6, 2017.

    Dropping some now!

  • user

    AUTHOR P. H. Madore

    Posted on 10:59 am June 7, 2017.

    Brace yourselves. Correction is coming.

  • View Comments (11) ...
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