Bitcoin markets have had one of their best days this week as prices jumped well over 16% within 24 hours from just under $13800 to the current high of $16460 (at the time of writing).
As seen on graphs below this week wasn’t easy for bitcoin holders as a mass sell off occurred mid week with over $23 billion being traded on a daily basis.
To conclude, the bitcoin markets have suitably recovered remarkably despite exchanges seeing prices of $11380 on the 22nd of December. Cryptocoin markets as a whole started to see red as the day saw many crawling out of the woodwork as a handful of analysts condemned the technology as a mere speculative bubble just popping. Compared to the Tulip Mania and the Dot.Com bubble which saw the explosion of internet companies, bitcoin was lumped in the same category before markets made a swift rebound.
With prices jumping over 17% in one day, analysts advise traders to wait 48 hours to allow the price point to consolidate itself before bitcoin can safely be purchased again. In the long run bitcoin prices still look bright as momentum is gradually accumulating to allow bitcoin prices to reach within touching distance of $19000 as a upper limit for January 2018. A weak sell has been placed on bitcoin for the short term as prices are likely to retest the $15000 point where there is considerably more support.
Disclaimer: BTC.NG and the Author can not be held liable for any financial loss which is incurred. The opinions in the article do not constitute trading advice, and please trade what you can afford to lose as losses can exceed your deposit.