To see BTC leap from what looked to be a quagmire at the $5,900 level of resistance into the position it is currently in is nothing short of remarkable. A near-vertical spike has pushed through every level of resistance since, but it was batted back abruptly from $8,400 – a mark which has been a key level of resistance in the past. The sheer speed of the rise seems an unhealthy path to be on for a cryptocurrency still recovering from a dramatic slump which saw it crumble away from what had been a steady sideways movement around $6,400 for much of 2018. Most sensible thinking would see this astonishing breakout as more of a manipulated market moving to test the waters and see what is up there in the heights that haven’t been reached for more than a year.
And while there seems to be much agreement that a fairly dramatic pull-back is on the cards, there is little consensus on where that will happen.
Plenty of talk takes us to $10k and beyond before a fall, but there are also plenty of astute assumptions that the decade-old digital asset could find itself worth a couple of thousand dollars before a period of consolidation returns it to this week’s levels.
Of course, it is hard to know who to trust, as it is all mainly guesswork in an unregulated market that can be easily led by just a handful of wealthy investors.
Meanwhile, amid this current excitement, it could be all too easy to overlook some of bitcoin’s close cousins – the ‘altcoins’ of Ethereum (ETH) and Ripple (XRP) which are also enjoying a purple patch as they bask in the glow of the leading cryptocurrency.
It was only two weeks ago that ETH was struggling to lift itself above $160, but this week it has also seen an eye-catching rise as it nudges $210 with an eye on higher targets.
Ripple’s XRP too has enjoyed a 22 percent rise to reach its highest level of 2019.
Where this ends is beyond the reckoning of even the best experts out there, but to give you an idea of how volatile this market is performing this week, it is highly likely that the price of Bitcoin has moved $100 since you began reading this article.
Coin Rivet is a website bringing news, information, analysis, opinion and insight from the fast-moving blockchain world.
Published at Wed, 15 May 2019 14:40:00 +0000