Bitcoin Price

A Bitcoin Price of $4,500 is Only a Matter of Time


The Bitcoin price is in a full-on bull mode for several days now. A lot of the gains have been noted before and during the weekend, surprising a lot of people in the process. At the time of writing, the Bitcoin price is sitting at $4,454, which makes it very plausible we will breach the $4,500 resistance rather soon. A surprising yet welcome turn of events for all cryptocurrency enthusiasts.

A BITCOIN PRICE TARGET OF $4,500 IS REALISTIC

Just a week ago, it appeared the Bitcoin price was going to be stuck in sideways trading momentum for several more weeks. A lot of people were disappointed the market had seen such a volatile correction due to the news coming out of China. Now that the world finally realizes China doesn’t control the Bitcoin market – or anyone else, for that matter – things are slowly going back to the way they were. More specifically, the Bitcoin price is inching its way up to $4,500 once again.

With another 3.31% value gain overnight, the Bitcoin price momentum is making a very bullish comeback these past few days. In fact, the Bitcoin price has gone from $3,770 to $4,454.35 over the course of just one week, with only one minor dip to be found on the charts during this period. The growth of Bitcoin has been rather remarkable and will continue to surprise a lot of people for quite some time to come.

As is often the case in the world of cryptocurrency, there is no actual news influencing the price. If there was some positive media attention, one would expect a Bitcoin price increase. This current trend, however, is simply the market shrugging off overhyped information which won’t have any lasting effect on Bitcoin or other cryptocurrencies in the end. Although there will be some pushback over the next few days, the path toward $4,500 is wide open once again.


Thanks to a relatively strong trading volume of $1.433bn, things are looking pretty solid for the Bitcoin price right now. There is still a growing demand to both buy and sell Bitcoin on a global scale, which can only be considered to be a good thing. Despite best efforts by regulators in certain countries, people will always buy and sell cryptocurrency in one way or another. Opposing this form of innovation is the worst decision any government can make right now, that much is rather evident.

As has been the case all week, Bitfinex is still the leading exchange by trading volume. Bittrex is a surprising second entry, although this has more to do with a new altcoin being released which is going through its first pump-and-dump cycle as we speak. Bithumb and bitFlyer are still in the top 4 as well, although it is evident the South Korean exchange has a clear lead over Japan’s leading platform. Bithumb has a trading volume, which is $30m higher compared to bitFlyer’s right now.

All things considered, things are looking good for the Bitcoin price right now. A return to $4,500 appears to be imminent and will only be a matter of time. Rest assured there will be some market opposition to prevent that from happening too soon, but it will be a trivial effort in the end. The true Bitcoin price has yet to be determined, and reaching $5,000 was only a taste of what the future may hold. Selling Bitcoin now for no good reason could be a very costly mistake.


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