Bitcoin’s Recovery Breaks Support Turned Key Resistance
Thursday, Bitcoin rose above $10,000 for the 1st time in more than 2 weeks, as investors came back in and bought the digital currency after having seen a 70% Fibo correction from its all-time highs hit in December 2017, the pattern looks encouraging.
On the Luxembourg-based Bitstamp, bitcoin rose as high as $10,234.
Currently, Bitcoin is trading at: 10,129.43, +644.80, or +6.80%, as of 7:57p GMT, the market is open.
Thomas Lee, managing partner at Fundstrat Global Advisors, sees a new record by July.
Bitcoin has been buffeted this year by a series of negative headlines centering around increased scrutiny by global regulators.
The digital currency was also affected by the risk-off mood across financial markets since the beginning of the year, undermining views that Bitcoin’s price moves are generally uncorrelated to other asset classes.
Sentiment on risk assets has since improved and the markets are recovering quickly.
Bitcoin, the #1 cryptocurrency, gained more than 1,300% last year, capped by high just shy of $20,000 on 17 December.
Ethereum, the second-largest by market value, was up 2.91 percent over the past 24 hours at $940.123, while the third-largest, Ripple, gained 6.8 percent to $1.16, according to the data.
Notably, during Bitcoin’s Bull frames, its recoveries take 1.7X the duration of the decline and that implies that 85 days are needed to recover prior highs, this is seen in July 2018 if not sooner.
Analysts expect that Y 2018 will remain a strong year for cryptocurrencies, but he sees established blockchain networks such as Bitcoin and ethereum dominating the action.
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