bitcoinAfter almost one month where the Bitcoin price has been floating below 350 USD per BTC (and even lower), the price has recently increased drastically. For the first time since October 15th, 2014, we might see a Bitcoin worth more than 400 dollars.
Also read: “How to Trade Bitcoin“
The third quarter of 2014 has been quite hard on Bitcoin owners and traders seeing the Bitcoin price lose position against the US dollar. Some have even said that the Bitcoin price could crash even harder and go below 275 USD per Bitcoin.
The Bitcoin Price Chart Speaks For Itself
If you take a look at our new Bitcoin price chart, you can clearly see a positive trend taking place where the upcoming resistance level to break is 400 USD per bitcoin. The chart below shows Bitstamp’s buys and sells, including the buy/sell pressure ratios. For the last 24 hours and the last hour, there have been more buys than sells which pushes the BTC price upwards.
bitstamp bitcoin price chartThe Bitfinex price chart shows the same trend giving us, as I see it, only one possible outcome: the Bitcoin price will move above 400 USD within the next day or two. I’ll be surprised if it doesn’t.
Is this price trend caused by Raoul Pal’s comment about one bitcoin being worth 1 million USD? Or because of macro-factors explained in this analysis? What do you think?
Disclosure: I do own bitcoins, trading at own risk. Images by Shutterstock.