We’re seeing a lot of green candlesticks attached to Bitcoin as market gains right now pile on top of previous gains in the last 24-hour cycle.
At the beginning of the week, BTC was sticking around $13,500.
Current values are up to $14,800, which signals to some investors that Bitcoin has broken a key resistance level and may run up to $17,000.
Describing Bitcoin’s activity in what he calls “volatile conditions,” William Suberg at Cointelegraph cites the sentiments of one such prognosticator:
“Waiting for Bitcoin to break $14,400 or get rejected. For me this is the level to get passed before a relatively clear run to $17K,” said Cointelegraph Markets analyst Keith Wareingyesterday, looking at explosive changes in BTC value.
Then there are the potentials for bitcoin to run even higher…
“Bitcoin has been on a roll over the past few days, and it seems as if the cryptocurrency finally managed to breach the $14,000 level decisively,” writes George Georgiev at Cryptopotato. “What is more interesting, though, is that interest from retail investors doesn’t seem to be anywhere near its peak from back in 2017.”
Georgiev compares the current prices to BTC’s prior peak at around $20,000, and talks about the “retail hype” that could drive BTC higher.
“At the time of this writing, Bitcoin is trading at around $14,500, meaning that it’s around 37% below its historic all-time high of $20,000 charted back in December 2017,” Georgiev writes. “The 2017 parabolic bull run is arguably the most notable event in the cryptocurrency’s history, and it’s definitely what brought it to mainstream media and retail investors. Data from Google Trends supports this. It’s usually a good indicator of retail interest in the field.”
Is all of this just noise? Probably not. Keep an eye on BTC as you plan your next crypto moves.