Bitcoin is currently trading for just over $6,900. After a 24-hour period of hovering at $6,800, the price has seemingly increased by roughly $100.
Last week, the price of bitcoin seemed to fall by $100 a day. This week, the opposite is true. We first saw bitcoin standing at the $6,700 mark on Monday following a weekend high of $7,000. It has since risen to $6,800 on Tuesday, and now $6,900 on Wednesday. Given its present route, one can’t help but hope the price will once again reach $7,000 tomorrow and show enthusiasts that the weekend rally, though small, wasn’t a fluke.
Of course, we won’t be able to comment on that for another 12 hours, but many analysts claim that the future of bitcoin is looking bright. We’ve presently entered the second quarter of 2018; the first was marred by massive slumps and price drops galore. As we enter the second “phase” of the year, many sources say that in the past, bitcoin’s price has shown massive improvement during this period.
But if one were to look deeper, it could be said that 2018 has, thus far, shown repeats of bitcoin’s behavior in 2015. Prior to the start of that year, bitcoin had reached relatively solid ground following the Mt. Gox debacle in 2014, and was trading in the $400 – $500 range. While this was significantly less than the $1,000+ it had reached in the final months of 2013, the range was still good news for most traders.
Sadly, things took a nasty turn the following January, when the price fell below $200. Naturally, many investors weren’t happy with the news, and several were left to question whether bitcoin – or even cryptocurrency as a whole – was dead before it really had the chance to take hold of the global financial scene.
However, things began to change in November. Bitcoin suddenly spiked to $300, then $400, and rises continued into 2016. That year ended with bitcoin landing near $1,000 – a spot it hadn’t enjoyed in roughly two years, and the price explosions that are now synonymous with bitcoin occurred soon after.
We are now seeing similar behavior in bitcoin’s price patterns. A drastic crash occurred near the beginning of the year, causing the currency to drop by over half its value in just a few short weeks. We are seeing a few steady rises here and there – just like we did in 2015 – but nothing terribly noticeable has occurred just yet… $100 here, $400 there, etc. Bitcoin is no doubt struggling to keep its status, but it continues to show signs of life.
Granted these patterns continue, it’s likely we’ll witness a 2018 end similar with that of 2015. Bitcoin may reach new highs, bringing players and traders alike back to the boards for further viewing. The hype that consumed bitcoin media outlets in 2017 could again become commonplace, and the currency’s popularity may reach previous levels once again.
Many analysts debate whether bitcoin could reach solid numbers by this coming summer. Given the coin’s current maneuvers, summer seems a bit early at this stage, but the end of the year could ultimately give advocates the price they seek – just like in 2015.
Charts by TradingView