Bitcoin, Hot News

History In the Making – Bitcoin’s 16K during 2018 May Happen Again Anytime Now

After a massive drop briefly this week as the U.S. Dollar recoiled, Bitcoin has recovered to an uptrend. The prominent cryptocurrency presently trades for $15,930, $40 below the year-to-date highs, and $70 under the critical $16,000 resistance level.


Altcoins will not be left behind and started to rally as well. Ethereum has increased 5% in the past 24 hours as it has attained its highest price since the summer rally.

Experts are anticipating that Bitcoin will remain its ascent as the essentials and the technicals of this period suggest further increase ahead.

Bitcoin May Shortly Break The $16,000 Level

Bitcoin appears ready to break past the $16,000 resistance as it tests that critical level for the third time in a week. The trend is favoring bulls are BTC has managed to flip essential groups such as $15,000 into support while prices form a clear short-term uptrend.

Chart of BTC’s price action over the past two weeks from TradingView.com

Analysts are convinced that this latest leg will drive Bitcoin toward $17,000 or even $18,000. One remarked on the weekend:

“I think there’s a decent chance bitcoin breaches $17k and even into $18k in the next 10 days (next weekly candle). We are due for a decent mid timeframe blowoff and chill for a bit and wicking into the ATH cluster just feels so right… The path to $18k or ATH wick seems the path of least resistance. Nobody wants to sell until then and everybody is buying dips. The easiest way to create market balance is to do it quickly then let the market chop around a bit.”

Bitcoin is set to rally higher as fundamental trends adjust in favor of growth. The hash rate has jumped around 60-70% in the past days alone while Stanley Druckenmiller, a Wall Street billionaire, recently endorsed Bitcoin.

Leave a Comment

Leave a Reply