Bitcoin briefly crossed the $3800 mark today. A few days ago Vinny Lingham, Civic CEO and Bitcoin price prediction pundit, posted on Twitter that Bitcoin was going to the moon with the next stop being exactly $3800.
The price crossed to $3709 and then dropped back to the mid $3600 range, then went as low as $3620. However, at press time, the price continued to rise well over $3700, even touching above $3800.
The recent break over $3000 was seen as an extremely bullish sign, and the Bitcoin community encouraged ‘buying on the dips’. However, since the price has continued to rise, there have been few, if any, dips.
Analysis from CT indicated that a price rise above $3200 would produce longevity in the increases, and this has occurred, showing potential for even greater gains.
The rise over $3700 may be the beginning of another upward run. The push is likely driven by increasing confidence in the market, given the concluding of the SegWit controversy and subsequent activation.
I concur. I've been wrong about this market. No one cares if Bitcoin keeps forking and creates confusion. As long as the price goes up.— Vinny Lingham (@VinnyLingham) August 5, 2017
While additional controversies may well arise, especially over Bitcoin Cash and SegWit2, the market has seen that Bitcoin can weather complexities well.
One investment source that if the price didn’t cross the $3504 mark, however, the party would be over, and the values would collapse. This most recent run over $3800 should show the stability of the cryptocurrency.
At press time, the value had reemerged above the $3700 mark to $3787 and was continuing on an upward trend.