Bitcoin has been remarkably quiet the last couple of days, settling down to $5750. It’s easy to forget that Bitcoin was as low as $3000 on September 15th just 43 days ago. It was also at an all-time high of $6137 one week ago today. That’s been a wild ride nobody quite expected to happen, so suddenly, so fast. Movement seems to come in waves. With rumors from China, pronouncements from Russia and a few bitcoin blockchain forks, past, present, and future, its no wonder there have been sweeping changes in attitudes. A few days or weeks even, of quietude might not be such a bad thing. It’s no wonder, new owners of bitcoin and owners who suddenly find themselves onto an investment so volatile as bitcoin are beginning to take stock of themselves and their property. Those who have been watching bitcoin but have chosen to not enter the fray as of yet, also take pause.
Either bitcoin is going higher or bitcoin is fizzling out and diminishing to zero. I don’t see the latter happening. There’s just too many good reasons for it to continue and grow. The only question is whether it will trace a hockey stick chart, launching into the stratosphere sometime soon or going up in a relatively straight line. Since it hasn’t done anything in the straight line, I’m guessing the hockey stick approach. Over the past year bitcoin has risen steadily but sometimes explosively four or five weeks in a row, then retraces it’s steps for a week or two, and then begins moving higher again. IF the pattern continues, we should see bitcoin in a holding pattern for the next couple of weeks.