Bitcoin is now consolidating as seen in the latest bitcoin price. The technical structure has shown a tremendous positive short-term momentum. Hourly support is located at 9000 (29/11/2017 low). Strong support stands very far at 2975 (22/08/2017 low). In the short-term, the digital currency should continue rising at levels unseen so far.
Although many consider Bitcoin to be in a dangerous bubble, the latest bitcoin price continues to escalate. According to Coindesk.com, Bitcoin reached above $15,007.70 in trading, before falling back to about $16,330.
Considering that the value of Bitcoin was just $1,000 at the start of the year, this represents an absolutely staggering increase in price.
At this point in time, it is difficult to tell when the Bitcoin success story will end.
In the long-term, the digital currency has had an exponential growth. There is decent likelihood that the asset will reach $40’000 in 2018.
The new price high means that Bitcoin has increased by over 1,100 percent in value since the turn of the year. There is no doubt that in this climate making any long-term Bitcoin price prediction is extremely dangerous, with some analysts believing that the currency is in a massive bubble, and others suggesting that fundamentals will lead to the price increasing still further in the near future.
While the increase in the value of Bitcoin has been dramatic, it has certainly accelerated recently. The value of one Bitcoin broken through the $5,000 barrier back in October, but has increased by a further $7,000 since then, having begun the year valued at around $1,000.
It would be almost impossible to identify any stock that has outperformed the cryptocurrency in 2017, and it will be interesting to see what 2018 holds for one of the investment stories of this or any other year.
While Bitcoin price prediction is undoubtedly tricky, it is difficult to entirely disagree with this suggestion. The unbelievable escalation in the value of Bitcoin certainly makes the cryptocurrency appear in a bubble at present, and it’s certainly difficult to recommend investors to make a long-term holding in the currency currently.
Yet the embracing of Bitcoin by the likes of CME have legitimized the credentials of the cryptocurrency. With plans to introduce futures contracts in the pipeline, the growth of Bitcoin may be far from finished.
However, it would be fair to say that the authorities have generally failed to embrace Bitcoin as of yet, with India dealing another blow to its legitimacy over the last 24 hours.
China’s central bank has already indicated its antipathy towards Bitcoin, with the Reserve Bank of India of India now following suit.
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