Four days ago, I wrote an article describing how Bitcoin nearly hit the $600 mark during its surge, stopping at $585. The price increase slowed for a day or two, and Bitcoin’s value remained steady. Over the past 48 hours, however, Bitcoin’s price has risen dramatically, from $570 to $640, a 12.3% increase.
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- Predictions Still Plausible?
After the initial surge four days ago, CCN writer Venzen Khaosan predicted that the “price will reverse from current levels around $600 and may retrace at least 50% of the advance to $520″, and that “traders and investors should brace themselves for a strong price reversal.” That certainly didn’t happen – in fact, quite the opposite. But could he still be right? Another CCN writer, Clay Ross, agrees with Khaosan. Ross said, “If you look at the graph below, it looks like the peak today is 617 USD per BTC and that it will slowly do a reversal down to anywhere between 580 to 600 USD per BTC.” Both Khaosan and Ross could still be right – we’ll just have to wait and see.
- Signs of Slowing
Unlike my previous analysis, I’m not seeing signs of slowing in this recent surge. Yesterday, when one Bitcoin was worth $620, I thought the rise would slow down. I was mistaken, however – it’s since risen to more than $640. As usual, the price could continue to shoot up – or, it could go down, like some analysts predict. It could also remain steady, something that Bitcoin certainly isn’t used to.
Bitcoin’s value over the past month
As usual, the cause of this surge can be attributed to many things. I think it’s because of the lack of bad news recently – no serious drama has happened over the past two weeks, which at this point is unusual. DISH Network choosing to accept Bitcoin could also have contributed to the rise, as this is good news. Bitcoin’s value has remained volatile throughout its history.