Bitcoin Could Reach $10,000 By Christmas
The Bitcoin bubble is turning into a mania that could help it reach $10,000 by Christmas, before heading for another major correction.
The people’s currency has passed several tests in recent weeks. One of them is the “technical test,” the crossing of price resistance marks like 5, 6 and 7,000 dollars.
That’s a bullish sign for investors who look at price and volume charts to determine the direction of the market momentum.
Another is the “Wall Street test,” the warming up of major financial players and financial exchanges to the digital currency, as discussed in a previous piece here.
That’s a bullish sign for investors who look at “market fundamentals,” major developments that could boost the demand for the digital currency.
A third test is the “China test,” the ability of the Bitcoin market to shake off a ban in trade of the product in one of the largest markets for digital currency in the world.
That’s also a bullish sign for Bitcoin, as it proves to some that the digital currency can survive and thrive, even as big governments try to crush it.
Meanwhile, the calling off of the Bitcoin hard fork removed a source of uncertainty surrounding cryptocurrency markets.
These bullish signs have brought back the buzz for the digital currency, helping it get closer to the “tipping point,” the stage of the Rogers curve where the demand reaches a cascade. That sets the stage for higher prices, as there isn’t enough supply to accommodate the soaring demand.