Bitcoin hits new ATH going past $3,000
For nearly two weeks now, the crypto-currency fans were riding the volatile bitcoin waves, patiently awaiting some major breakthrough in the industry. Who would have thought it would be in the shape of going past the $3,000 mark.
Two week ago, nobody had suspected that bitcoin would shoot up more than $700 in value. As it usually goes hand-in-hand in terms of the battle between the buyers and the sellers, it was just a matter of time before the price dropped down to $1,900 to correct itself, leaving a lot of investors puzzled along the way.
Today’s day will be taught in economics classes for years to come, and that’s because the very first digital currency had managed to break the $3,000 barrier for the first time in history.
It’s worth nothing as well that it happened on a Sunday, when major financial institutions, investors and full-time speculators have a day off.
This shows the strength and increasing popularity of the bitcoin itself as well as other digital assets, too.
Technical analysis has taught us a lot of things, but one in particular – the history likes to repeat itself. It means that a small correction, probably to the $2,900 region is expected in a short while.
Because this event is taking place on Sunday, it is safe to say that most of today’s speculators consist of hobby traders rather than professionals. What does that mean? Another sell out will take place shortly to induce yet another price correction, although the bullish trend remains intact for the long haul.
How long will bitcoin continue to climb?
This question is asked by a huge number of crypto-enthusiasts and probably can’t be answered accurately at this moment in time.
Perhaps the 1st of August will shine some light on the direction where bitcoin (or two bitcoins!) is headed. However, the predictions are that those digital assets that are capped, could sky-rocket to extreme fiat values such as $1,000,000 over the next decade or so.
For now though, there’s not much left to discuss, and we’re off to celebrate the $3K milestone, and enjoy the fact, that this event is also positioning other altcoins in the spot light as well.