It’s funny how fast things can turn around in this space, and maybe that is why crypto is such an interesting market. Not even a week ago, things looked more depressing than ever with most media channels sharing “Bitcoin is dead” stories. Now, suddenly, Bitcoin has soared from $3,200 to $3,800 in 2 days! Bullish!
While most analysts predicted that Bitcoin would fall below the $3,000 mark soon, the unexpected has happened: Bitcoin soared. The ‘bullish’ momentum started on Monday the 17th and is currently still in play with Bitcoin testing the $3,800 level.
Last week, Bitcoin had dipped as low as $3,130 amid warnings that a much larger fall could be imminent, potentially taking Bitcoin to $2,500 or lower. Most traders were waiting for that moment to happen before investing, but it now seems momentum has changed.
Ironically, last Monday, the day that Bitcoin started a rally to the upside, was the same day at which Bitcoin reached its all-time high last year. On December 17, 2017, Bitcoin reached an all-time high of $19,500 and has been falling since then. Now, on December 17, 2018, a trend reversal is in play with Bitcoin pushing back from a yearly all-time low of $3,130.
Where does Bitcoin go next?
Although it is still likely for Bitcoin to drop below the $3,000 levels, many investors are eagerly waiting for 2019 to kick in. Many crypto enthusiasts have pointed out the following events that could shape the crypto markets in a positive way:
- Bakkt launch on the 24th of January
- VanEck Decision Deadline of February 27th, 2019
- Nasdaq launching BTC Futures contracts in Q1 of 2019
- Ethereum’s Constantinople upgrade in January
- Fidelity’s interest in digital assets
- A new year with fresh expectations
I was looking for a $2750 price on 12/14/18. Of course it never came. I came close and still remain bearish. If the $4000 isn’t tested and held by the turn of the new year we’ll continue hodling sideways for several more months.