This week has been a rollercoaster for bitcoin and the rest of the cryptocurrency market, with new regulatory task forces, tech giant cryptocurrencies, IPOs, and YTD-highs breaking the headlines.
Bitcoin Price Goes From Strength To Strength
After entering the week on a high (a 13-month high at that), bitcoin managed to finish off the week even higher. Most notably, bitcoin price broke through the psychological $10k mark; a level which we haven’t seen in over 15 months. So how did it get there?
Well the first step was to hold onto and consolidate the price gains of last weekend. This achieved, focus turned to breaking through resistance at $9300, and where the next target would be. $10,000 was the obvious contender to aim for, but the meteoric gains of last Sunday left a CME gap that the bears might try to close.
The feared drop never materialised however, and towards the end of the week further gains were made on the back of huge bullish signals. This left the price in a rising wedge pattern towards $10k, and the weekend saw a breakout, leading to the $10,600 levels we currently see.
Where Next For Bitcoin?
The week’s gains saw analysts pulling out their prediction pads once again. Tyler Winklevoss suggested that once $10k fell there was little to stop a further price rise to $15k. Tom Lee from Fundstrat doubled down on his prediction, claiming that $40k was in play over the next few months.
Some analysts looking at the ‘bigger picture’ even started to eye $100k, if previous market cycles play out as before.
Even before the gains of the past week,