Analysts are more confident than ever that Bitcoin will stay above $5000 today as prices continue surging towards new highs of $5050.
Technical data from multiple sources indicates no slowdown in Bitcoin’s charge to retake the historic price level, having increased by $600 since Monday.
Now, forecasts of resistance range from $5200 to $7000 should the largest digital currency hold above the barrier.
If we pass 5k, next possible resistance at 7k if we follow the same trend pattern #BTC #XBT #bitcoin $crypto #blockchain #moon #hodl pic.twitter.com/U8cZArrnaR — Crypto Analysis (@CryptoAnaIysis) October 12, 2017
Bitcoin passed $5k for the first time September 2, before dropping back markedly as markets reacted to subsequent regulatory moves in China.
A period of volatility, which saw prices dip below $2000 soon reversed, Bitcoin becoming rapidly more resilient to further hostile reactions from authorities.
"This week’s decision to block access to cryptocurrency exchanges in Russia, for example, had barely any effect on Bitcoin’s upward trajectory."
While BTC is no stranger to corrections, buoyant short-term predictions by well-known investors are flowing. On Wednesday, Mike Novogratz told CNBC he “would not find it surprising” if one bitcoin cost $10,000 by April 2018.
At press time, BTC was trading around $5050 per coin according to Bitcointicker’s tracking of Bitstamp rates.
In altcoin markets meanwhile, activity was flat as investors appeared to turn to Bitcoin.