A French inventor travelled across the English Channel to the UK on a hoverboard this morning. Proving that however disparate its politics are, Great Britain will always remain just 22 miles from mainland Europe. But what has been coming together in the world of Bitcoin and cryptocurrency this week? And what seems further away than ever?
Bitcoin Price: A Surprising Upwards Move
I’ve always said that Bitcoin is a bit of a contrarian. Once you expect it to do something then it will often do the opposite, seemingly just for kicks. So just as analysts had resigned themselves to more accumulation (and even potential further drops), the past week pulled a $1k gain out of the bag.
The week started on a negative vibe; the flash crash that ended the previous week still playing on the minds of many. A dip into the $8000s was predicted by some. One analysts even predicted a ‘wild card’ drop to $4k before the next rally begins was likely.
And then, looming on the horizon, someone spotted a ‘golden cross‘on the 3-day chart, often viewed as an indicator of bullish times ahead.
Price started to creep upwards, overtaking the 200-day moving average (MA), as a former Goldman Sachs executive described it as ‘ludicrously underpriced‘. A rate cut by the U.S. Federal Reserve pushed price even higher, breaking back into five figures.
One analyst confidently stated that we should never see bitcoin prices as low as $6000 again… with the caveat that if we do we should buy lots.