From a low of $6620.41 on April 6, 2018 Bitcoin has been steadily rising. It currently sits at $9300. Steady is good. These prices do not reflect impulsive behavior or a “fear of missing out” (FOMO) nor “fear, uncertainty and doubt” (FUD). Bitcoin’s price, as a global phenomenon, is battered between U.S. investor sentiments and those of South Korea and other parts of Asia. There seems to be agreement in the past few days. When investors are not busy doing other things and can focus on their personal Bitcoin holdings it is interesting to see what they do. For that look, at Sunday prices until 3:30pm EST when Asia is awakens Monday morning. What we see is good. Steady is good and a steadily rising straight line is the best. We’ve had many such days in the past two weeks. Yesterday, too, there was a sudden $250 jump midday. There was no news to account for the rise. That is also a very positive sign.
The next milestone is the $10,000 level. This will sound overly simplistic but from that level the price will either rise or fall. From that level the investing community will be deciding whether or not Bitcoin is on a new uphill climb or exhausting the current one. If it crosses through $10,000 then you can expect it to go much higher. At the end of February and the beginning of March Bitcoin was testing $11,000 before it fell to its low of $6620. It hadn’t seen those lows since a week before Thanksgiving last year. Bitcoin will be testing the same factors now as it did two months ago. But the market never waits for the obvious.
If the predictions of so many Bitcoin enthusiasts are prices between $25,000 and $50,000 by the end of the year, at some point Bitcoin has to resume its upward momentum. The ‘big one’ may look like last November’s meteoric rise. However, a slower, steadier climb would foretell a more positive, much calmer future. At the current rate we would be somewhere around $35,000 by the end of the year. But that can never happen in a straight line. After a few weeks of steady growth, investors would pile on and we would have boom and bust days again. As such, without regulation or governing bodies to tamp down the enthusiasm, Bitcoin exuberance and fear-of-falling may control short-term prices. We should see a clear direction for the market after May 1, 2018.