Weekly Bitcoin Price Analysis: Mixed Dynamics of Bitcoin Last Week
Over the past week, Bitcoin’s price showed us a mixed trend and movements. Will the price of $450 hold to the end of the year?
Over the past week, Bitcoin price showed us a mixed trend and movements. At the beginning of the week it rose even higher than $465. Then on December 22, we saw a sharp decline in price to $425 and a fast rebound to $432. The next day the BTC to USD exchange rate was in the corridor of $430 - $440.
On Christmas Eve Bitcoin has strengthened its positions during the Asian session and moved to a level of $452, and even managed to spend the whole day confined between $455 -$449.
On December 25, we have again seen a slight decrease to $446 and then $ 442. Thus, this week the price of Bitcoin was close to $450 all the time, which in my opinion is a parity price today.
Will the price of $450 hold to the end of the year 2015? Most probably yes. But we should also expect some profit-taking and the withdrawal of investors from risky assets. This factor will affect the price of Bitcoin. Moreover, it will allow us to find out the answer to the question: What do investors consider to be the more risky asset right now: Bitcoin, or the Dollar?
This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell Bitcoins.