Bitcoin is poised to reach brand new heights before the year’s close, shortly after finally entering the Wall Street arena with CBOE’s Bitcoin Futures launch.
According to the Bitcoin Price Index estimates from CoinDesk, Bitcoin peaked yesterday at $16,773.04, and has since stabilized to the $16,500 region. The cryptocurrency market analyzer, CoinMarketCap, has also calculated that the cryptocurrency has grown by 16% in the last 24-hour period.
Despite the currently flourishing price, Bitcoin has had a volatile week. This could be attributed to CBOE’s Bitcoin Futures crashing shortly after launch. After the cryptocurrency peaked on 8 December, prices plummeted down to $13,000. Bitcoin prices were trading around $15,700 when CBOE launched its Bitcoin Futures Contracts.
Four hours following the CBOE launch, the exchange firm’s BTC contract skyrocketed by 20%, which triggered the platform’s price circuit breakers. In addition, the sheer amount of traffic, caused the entire CBOE website to have several outages and delays. Despite the delays, the Bitcoin price remained unaffected, and continued on its meteoric trajectory.
Now that Bitcoin is more accessible to mainstream investors, the cryptocurrency is likely to gain momentum unlike ever before. Current chart analysis also indicates that the cryptocurrency could soon be soaring to new heights.
According to the chart:
All charts indicate that Bitcoin could soon reach a new record-breaking high of $20,000. All pullbacks will probably be capped in the $14,000 region, subject to the upward trajectory of a 10-day average. If the next few days prove to be stagnant for Bitcoin, as well as a close of $10,000, that would indicate that the industry has made a top.
According to the Bitcoin Price Index estimates from CoinDesk, Bitcoin peaked yesterday at $16,773.04, and has since stabilized to the $16,500 region. The cryptocurrency market analyzer, CoinMarketCap, has also calculated that the cryptocurrency has grown by 16% in the last 24-hour period.
Despite the currently flourishing price, Bitcoin has had a volatile week. This could be attributed to CBOE’s Bitcoin Futures crashing shortly after launch. After the cryptocurrency peaked on 8 December, prices plummeted down to $13,000. Bitcoin prices were trading around $15,700 when CBOE launched its Bitcoin Futures Contracts.
Four hours following the CBOE launch, the exchange firm’s BTC contract skyrocketed by 20%, which triggered the platform’s price circuit breakers. In addition, the sheer amount of traffic, caused the entire CBOE website to have several outages and delays. Despite the delays, the Bitcoin price remained unaffected, and continued on its meteoric trajectory.
Now that Bitcoin is more accessible to mainstream investors, the cryptocurrency is likely to gain momentum unlike ever before. Current chart analysis also indicates that the cryptocurrency could soon be soaring to new heights.
According to the chart:
- All three previous candles indicate long tails, which in turn points to a large gap between the intraday low and subsequent close. This suggests a strong dip demand. In addition, the candles with long tails point to a bullish trajectory.
- The Doji's candle over the weekend, indicated a bull market negation, especially considering the close of over $16,500 on Sunday.
- A four-hour chart indicates that all rising lows patterns remain intact, as is clearly demonstrated by the ascending trend line.
- The dotted lines refer to a bullish flag breakout. This pattern has been consistent ever since the end of November when Bitcoin was trading at a low of just under $8.600. The current chart indicates that this trend could continue and see prices reach as high as $20,000.
- While the stochastic line indicates an overbought environment, the cryptocurrency’s relative strength index (RSI), suggests enough rally room for Bitcoin.
All charts indicate that Bitcoin could soon reach a new record-breaking high of $20,000. All pullbacks will probably be capped in the $14,000 region, subject to the upward trajectory of a 10-day average. If the next few days prove to be stagnant for Bitcoin, as well as a close of $10,000, that would indicate that the industry has made a top.