At the end of May, when bitcoin price hit a high of $2700+ and then dropped about 30% the following day, a few analysts/experts I follow said the “bitcoin bull market is over, and price could even fall as afar as $1,470.” Well, that didn’t happen…so much for the “expert” opinions. And so much for all their bear market predictions, too!
After zooming past the $2400 mark, bitcoin’s value quickly climbed past $2500 into the $2600 territory for a short period. $2700 and above lasted for about an hour and a half before the $2800 line was reached and surpassed – with bitcoin sitting above $2,900 as of this posting. Bitcoin now commands a $46 billion dollar market capitalization and $1.6 billion worth of bitcoins has been traded over the past 24 hours.
Bitcoin buyers took a brief rest last week, but things are heating up again and the bitcoin bull market is hotter than ever! Stochastic and Relative Strength Index (RSI) is signaling “very bullish patterns” – so, higher prices are definitely a possibility, as is a backslide beneath the sub-$1800 range. With these record-breaking highs now becoming pretty commonplace, online interest is at an all-time high and more mainstream attention is starting to be focused on this bitcoin bull market – about time! LOL
With the bulls charging, reaching $3,000 may well occur way before the end of 2017 (as numerous “experts” predicted). In fact, it might even happen this week, as we’re only $90 away from that mark as I write this. That is the bitcoin bull market scenario.
Of course, the bitcoin bear market scenario would mean there are a few bear traps along the way. When the USD value touched $2,840, within 10 minutes, the price dropped to $2,795 – but it wasn’t long before even newer highs were reached. There appears to be a significant floor between the $2,500-$2,600 range if a correction does take place.
The altcoins are seeing increases as well – but does that have anything to do with the bitcoin bull market? Technically, no – growth within the altcoin ecosystem could be the result of many new investors seeing bitcoin rise, and buying altcoins because they really don’t understand their purpose – but are looking to “get in on the next big thing.” While there are some who investigate the purpose of altcoins and make reasonable investments which drives some organic growth, I’m seeing many who are just buying some of the altcoins because they are so much lower in price. Organic growth happens when more people are added to the user base of all coins. With all this excitement from the current bitcoin bull market, people are taking notice and trying to get on the train!
Take care to evaluate the purpose and real-world spending applications (which most altcoins do not have) before investing. While speculation is not a bad thing, afterall – it is a free market and in all free markets, there will be some who win and some who lose. When new money enters the altcoin market, the price goes up and seasoned traders will take a profit, bringing it back down. The key is to buy during the “dip” in price – and sell during the “rise” – but that’s a tricky proposition!
You can take advantage of the Trade Coin Club auto-trader to do just that for you with daily trading of the top 10 cryptocurrencies! And with the recent minimum entry level amount being significantly lowered – now is a great time to join at Apprentice level, get your feet wet, and work your way toward Trader level. Personally, I dabble with a few cryptocurrencies on my own, but the daily returns realized from the auto-trader is what remains consistent.