Weekly Bitcoin Price Analysis: Looking Forward with Excitement
Last week Bitcoin displayed significant growth, and has a potential of growth continuation and confidence in cryptocurrency.
During the first week of December, a BTC/USD pair completed at the level of $356. However, by Monday of the second week, December 7, Bitcoin sharply rose to $389. Throughout the same day, the price of Bitcoin made an attempt to reach the level of $400. The next day, December 8, Bitcoin broke the resistance levels of $400 and $410, and then reached $420. During that day, the price rose by 7%.
Throughout the next three days, from December 9 to 11, the Bitcoin price began fluctuating between $405 and $420. In the evening of Friday, December 11, the price of Bitcoin rose tremendously eventually reaching the level of $452.50. At this point, Bitcoin owners began to claim their profits, and the BTC/USD pair lost value rapidly, dropping the price of Bitcoin back down to $425.
It should be noted, that the price of Bitcoin has grown in spite of the positive macroeconomic data from the United States. However, the United States Dollar remained stable after, and dropped its positions only in comparison with Bitcoin.
However, this week Bitcoin has shown a significant growth of 14%, which suggests the potential continuation of Bitcoin price growth and a rising confidence in cryptocurrency.
Next week, we expect Bitcoin to reach the levels of $430 and $450 again. The End-of-Year Target of $500 will remain a growing possibility.
The analysis and prognosis are the personal views of the author and are not a recommendation to buy or sell Bitcoins.
Are you interested in bitcoin? Find it in our cryptocurrencies ratings and learn more.