Bitcoin keeps rising. Bitcoin was worth 8,100 euros last Tuesday. More than 500 euros has now been added! Slowly but surely the value of bitcoin creeps towards the psychological limit of 10,000 dollars (8,840 euros). And that can give a big boost for bitcoin.
Why is so much written about the $ 10,000 limit? For that we have to look at the data from the past.
At the end of 2017, the bitcoin rate broke through the $ 10,000 limit for the first time. Then it took only nineteen days for the highest value to date to be noted.
In about two and a half weeks, bitcoin rose from $ 10,000 to $ 19,650. That is an increase of 96.5 percent!
At that time, the increase was mainly due to FOMO, or Fear Of Missing Out. Maybe you have experienced it yourself. At every party at the end of 2017, everyone suddenly spoke about bitcoin. Whether it was your uncle or aunt, or the hairdresser around the corner. This probably gave you the feeling of: I don’t want to miss that! Exactly that feeling is what FOMO best describes.
Can we expect that now? Who knows..
Do you want to know what the bitcoin course is doing at the moment? Then look at this page:
Last Tuesday we wrote that bitcoin ran into an important resistance. This level corresponds to the resistance around 6 May last year. On the graph below we have indicated that with the orange line.
Bitcoin has had a hard time with it, but the race has broken through this resistance this week!
Perhaps the rate of bitcoin can now make an attempt to break the magic limit of 10,000 dollars. Converted into euros, that is approximately 8,840 euros. In other words, the value of bitcoin still needs to increase by more than 200 euros in order to rise above this level.
How does this price rise come about? It seems that the course of bitcoin has been broken by an ascending triangle. This is a price formation that in most cases leads to a price increase.
Below you can see the ascending triangle on the graph. The graph focuses on the short term. Each candle on the graph represents an hour.
An ascending triangle is English for “ascending triangle”. And that is exactly what you see:
Does the bitcoin course then break out at the top? Then the triangle is confirmed. This is often accompanied by a considerable movement upwards. That was also the case yesterday:
If we look at the graph last week, we will notice something else. The price movement of bitcoin is almost the same as from April to May this year.
Even then the bitcoin course moved in a channel. A channel consists of two trend lines that run parallel to each other. You can see that on the graph below. The movements within this channel are almost identical:
This pattern closely resembles the pattern in April. Will bitcoin now also rise fast? It could be just like that, but of course it can go in all directions with bitcoin.
The coming hours will be very exciting for bitcoin. Are we heading towards $ 10,000? And if so: can we prepare for a further rise? Or is the price of bitcoin not making it, and are we falling back? As you are used to from us, we sketch two scenarios for you: bullish (positive) and bearish (negative).
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