Bitcoin price weekly analysis: closing in on $10,000… again
Bitcoin is on the way up and has $10,000 in its sights.
- Up about US$100 over the week
- Current trend is upward towards last week's $9,700 high
- Trading volumes remaining steady
As the month winds down, it's a good time to take a look at what BTC has done over the last month.
Bitcoin started the month trading at about $7,000 with many naysayers saying the daddy of the cryptocurrency world was in deep trouble. By the third day of the month, the price had dropped another $500 and things were looking interesting. But within a couple of hours, the price started to move northwards and we saw the price creep back over the $7000 mark by the time another week had passed.
Then, on 12 April, we went on a wild ride and the price jumped by 15% in just a couple of hours with the remainder of the month showing gains, albeit with the usual short-term ups and downs.
Over the last seven days, the upward trend has continued with the price moving from around $8,340 last Monday to $9,250 at the time of writing after a big spike last Wednesday followed by a precipitous fall by Thursday. Things stayed steady until the weekend when the price started to climb again.
And while the price has been steady over the last 24 hours, HODLers will have seen their BTC holding rise by about 6.5% over the week.
The consensus among many analysts is that the current upward trend is expected to continue, despite the daily, and even hourly, peaks and troughs. Some, like NewsBTC are saying $10,000 could be broken again. Although, when that might happen is anyone's guess.
The Economic Forecast Agency says that might not come till November although the current trends suggest we may not need to wait quite that long. WalletInvestor offers similar short-term analysis although they're predicting we'll see similar highs by the end of 2018 or early 2019 that we saw in January when BTC crossed the $20,000 barrier.
With BTC, and other coins, there are two games you can play. The short game is about moving coins around to take advantage of the short-term fluctuations we see. The longer game is about where you think BTC will be in six months or more. Both might deliver returns based on what we're seeing in the market at the moment and when we look at the historical trends.
Disclosure: At the time of writing, the author holds XLM, BTC, EOS, NEO, ETH and XRP.