BITCOIN is rising again, the latest tip in the Cryptocurrency’s chaotic activity trend. How high could Bitcoin rise today and why is it rising?
Bitcoin has seen turbulent activity over the past 12 months, losing value of up to 70 percent. However recent trends have seen the price of the Cryptocurrency rocket up, sparking optimism for fresh positive activity. Bitcoin is still far ahead as one of the most valuable currencies on the market, but has recently seen mass sales, driving down its price. People have now just started to buy again, placing BTC ahead.
Bitcoin has skyrocketed over the last 24 hours, managing to increase its total price by a whole six percent. The total price managed to peak at £3,123 ($4,000), where it has stuck for the time being. The recent surge is the latest since July, and has been facilitated by recent heavy selling.
People offloading the currency in their droves managed to drive the price of the currency down, which has led others to buy up again. Increased spending and demand for Bitcoin has meant it has once again started to surge ahead. Bitcoin’s max value will be difficult to predict, as the coin lost 70 percent of its value over the last year.
According to Don Alt, a Cryptocurrency technical analyst, Bitcoin is now primed to capitalise on these short-term gains. He said: “Constant bouncing on a strong demand zone. “If it fails I expect a very violent move down. “If it holds we’ll most likely stair step up. I’m scalping the small TF’s based on this. “Should breakout soon otherwise the bulls are in trouble.”
Bitcoin is forecast to have some trouble as it breaks through the £3,123 mark, unlikely to make another gigantic leap. Current forecasts have pegged just over £100 more value still to come for the coin, and if this is passed could show a full trajectory reversal. According to, Bitcoin’s main resistance is at £3,243 ($4,150), and breakout beyond this would show a full upward trend.
However, the current time frame measured within Bitcoin’s previous two-week activity suggests the resistance will be difficult to break through.