Bitcoin hits $US8000 highlighting a key turning point

Since it’s low of $US6079 on 13th July, Bitcoin this week has risen almost $2,000 to break through $USD8,000 per bitcoin this afternoon.

Technical analysis of Bitcoin‘s price movements in the past 10 days shows a massive bull run to lead up to this point, having performed poorly since the December/January downturn.

This could well be a turning point for Bitcoin; with the bulls out in force, and long/short positions giving investors a reprieve, the next 24-48 hours are critical for the struggling cryptocurrency.

If Bitcoin can continue it’s trend and break above $US8,500, this may signal further rises similar to those seen in November/December 2017. It comes with great risk, also, in that ETF traders have placed large numbers of short orders – which could well be liquidated if lagging investors jump in and action their FOMO reflexes.

What do you think Bitcoin will do in the next 24-48 hours, and where is it headed next? Comment below to join in the discussion!

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