Given the recent growth trajectory it surely won’t come as a surprise if Bitcoin price touches the $10,000 price fortress by this Christmas. Hailed by many as the people’s currency due to its eased out operations and global acceptance, Bitcoin has passed various tests including “technical test,” in recent weeks bridging over the price resistance marks of Five, Six and Seven thousand dollars. Especially for those investors who swear by the price and volume charts for determining the direction of market sentiment, Bitcoin surely did come off as one tough bull which is here to stay in this race for long.
Bitcoin also passed the “Wall Street test” with flying colours which is used to warm up bigshot financial exchanges and financial players towards this dynamic digital currency. Directed at investors gauging market health by examining “market fundamentals,” this test brought along a bullish sign. The third test termed as “China test,” refers to Bitcoin market’s ability to surpass the ban imposed by government regulators in its dealing. China being one of the biggest crypto mining fields, it was of grave importance to clear this one which Bitcoin managed like a pro. This also comes as a bullish sign to prove that digital currencies can thrive in spite of regulatory bodies trying to trample the same.
Also Read: Bitcoin Growing Stronger Even Without China
Calling off the Bitcoin hard fork which was scheduled to take place during November has actually removed uncertainty from cryptocurrency markets. Such signs have imparted a renewed zeal to this digital form thus edging it a step closer to the “tipping point,” which refers to the stage in Rogers curve where the market demand reaches a cascading stance.
Similar market dynamics sets the stage for price haul since supply is not sufficient to tackle the ever-increasing demand. Such rising prices also tend to lure in investors into the market sphere with profit motive. This hype increases in direct proportion to Bitcoin’s price pulling in more and more traders on the go. This moves buyers away from reality as they will keep of purchasing Bitcoin with the hope of finding a market for selling the same and earning record profit.
With growing demand and rising popularity of Bitcoin, analysts and market experts are predicting that Bitcoin price may cross $10,000 by this Christmas.
CME, world’s largest Futures Exchange, also announced their plans to list Bitcoin Futures which again boosted the Bitcoin Price, immediately after the announcement. The Bitcoin Futures is exciting all the crypto community and hence the Bitcoin price may move upwards.
This is how the Bitcoin bubble operates turning into an absolute frenzy and pushing prices further up. Until regulators implement market correction, this decentralised cryptocurrency is surely going to set new heights in days to come. However history has proved that all manias end the hard way and those who were last to join the bandwagon usually come off as the worst affected. Whether or not Bitcoin shall follow suit can only be revealed with time. But as of now we surely are enjoying this glorious game which Bitcoin is playing with us.
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