Can Bitcoin price post gains two weeks in a row for the first time in 2018? That’s the question traders will soon know the answer to as prices circle $9000 April 22.
$9k: Bitcoin Tests Final Resistance
Capping what many believe is a U-turn of its fortunes since December 2017, Bitcoin has increased in value by 35% in the past fortnight.
From lows of $6487 April 1, before the first major rally kicked in later that day, BTC/USD saw several sudden upticks as this month progressed, culminating in last Friday’s trip from below $7000 to above $7700 in minutes.
At press time, prices remain even higher, testing resistance around $9000 with just $60 left to climb according to data from several major exchanges.
If current levels hold, Bitcoin will succeed in shunning losses for two weeks straight, something which has yet to happen since its decline from last year’s all-time highs around $20,000.
Too Much Too Soon?
Despite optimism returning to markets, however, not everyone is convinced the latest performance will continue.
In the latest edition of his Trading Bitcoin series, serial trader Tone Vays cautioned viewers on assuming the downward trend of Q1 2018 was over.
Summarizing his thoughts, Vays said he expected “lower lows” to reappear in future and that he was overall “bearish” on Bitcoin price.
Last week, as price began rising towards $8200, Vays had even forecast levels over $8600 would immediately trigger a correction back to the lower territory around $6500 from April 1.
For the coming months, however, bullish voices from the investment sector have largely sounded out more prudent expectations.
As Bitcoinist reported last week, expert forecasts for BTC/USD by the end of the year have run as high as $100,000, while a report from Saxo Bank, whose analyst Kay Van-Petersen named the price, subsequently identified multiple “springboards” for pushing Bitcoin higher in the short term.
What do you think about Bitcoin’s price performance? Where is it heading? Let us know in the comments section below!
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