Bitcoin prices have gone totally off the charts, surpassing $6000 during the 21st October 2017. This is after have been at ‘just’ $700 in November 2016. The question on everyone’s mind is a variation of Is this going to sustain itself or crash under its own weight?
Look, Bitcoin and cryptos are an asset class unlike any before them and have some very critical differences from stocks or currency. Bitcoin simple put has blown up in price as many people have begun buying. All around the globe starting from about February 2017 people started talking, seeing, investigating. During that time Bitcoin and cryptos have grown and grown, breaking historic high after historic high to the point where talk of historic high is nonsensical as before the statement is finished Bitcoin has broken up.
Bitcoin in many cases retraces about 75% of the previous bull move. That did not really take place after break past $5000. Will it drop now that it has surpassed $6000. We certainly think so. However, as we believe in the long-term value and adoption of Bitcoin and blockchain technology we don’t freet about the day to day moves just try making some good forex, day trading positions.