The Bitcoin rocket continues to fly into U chartered territory as its volume grows, so does its price! Now that it has reached the $6300+ mark and with no signs of stopping, many are left wondering when the Bitcoin will makes its next pit stop. This is despite the hard forks coming up, which have done absolutely nothing to hurt or impact the bullish momentum.
So one is left wondering why the price continues to increase when there is no good news to propel the Bitcoin even higher and especially when one would assume the hard forks would knock it down a little. This could be due to the fact that the trading volume in BTC/USD jumped more than 100% on Sunday, thus giving it a substantial boost. But it is not just the dollar that is making some news, data also shows that volume has also jumped on the Korean Won and Japanese Yen, both of which are dominant markets in Bitcoin trading.
As the financial world begins to accept the Bitcoin more and as it becomes more mainstream, with news such as 30% of Bill Miller’s fund being invested in the Bitcoin. One can only conclude that such spikes in volume will continue as the full potential of the Bitcoin has yet to be realized and the price of $6000… it is still seen as a bargain with predictions of the coin ranging anywhere between $25,000 to $500,000 in the future.
So where exactly may the Bitcoin end up when it finally retraces? Most commentators believe the Bitcoin will test levels around $5900+ mark, just below the key resistance level of $6000 when we saw a spike in price when the Bitcoin broke the $6000 key resistance. But in terms of technical data, if their is a drop below 10 MA in the next few hours could we see it testing the weekly lows of $5400. But many analysts are still bullish, predicting the Bitcoin may continue to rise towards the $6500 mark if the momentum continues but if not, it may settle for a pit stop at the $6200 as it builds its base there.