Bitcoin Price Analysis: BTC Explosion, $6,000 Near Inevitable

Latest Bitcoin News

Marking the growth of any business is not more of the price but of adoption level. As a proven utility, over the years, the exponential growth of Bitcoin has been nothing but impressive. Marking demand has the precipitous rise of prices from lows of less than $100 to current spot rates of $3,950–or thereabout depending on where you draw data.

Read: Back in the Bull Times: Investor Paid Near $20,000 for Bitcoin on a Small Brazilian Exchange

All the same, a better measure is adoption and in recent times, the advent of the Lightning Network–though in beta–promises to be shaping. In less than a year, the Bitcoin Scaling proposal continues to draw funding from tech luminaries including Jack Dorsey. Interestingly, he is not shy to say Bitcoin–despite competition from emerging currencies will be the undisputed internet’s money and to that end, he has plans in place to integrate the high throughput, low fee scaling option in Cash.

Also Read: Cryptocurrency Haters and Doubters, Bitcoin Really is Money… Here’s Why

That will no doubt mean a further expansion in capacity meaning there will be more people who can make micro-payment using Bitcoin paying for coffee and even Pizza. Note that, through Lightning Pizza, Bitcoin holders in the users can at any time order and spend their BTC for Pizza in a move that will cement Bitcoin as a medium of exchange and an upcoming competitor for government-issued fiat. That’s not all, Trading View— a site where traders, as well as investors, are draw market insight now, accepts BTC, unpegged from fiat, at 0.09 BTCs.

Bitcoin BTC/USD Price Analysis

Price wise, BTC is up three percent in the last 24 hours and that means prices are trending above Feb 8 highs. As it is, our anchor bar is Feb 8 and as a high volume bar, it is trendsetting and shapes price action in the short-term.

Moving on, it is clear that trade conditions set in our last trade plans are true and with a high-volume bull bar now thrusting prices above $3,800, the path towards $4,500–Dec 2018 highs and later $5,800–$6,000 are now paved.

It’s easy to see why. Not only does this bar complement those of Feb 8 but also bring forth price action of mid-Dec 2018 and as long as prices find support at 78.6 percent Fibonacci retracement mark of Dec 2018 high low, the path towards $4,800 appear inevitable. In that case, risk off traders can at any time fine tune entries in lower time frames with first targets at $4,500 and if prices are extended, then $5,800 and even $6,000.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.