With alarming performance throughout the year of Bitcoin, many had lost faith in the legendary cryptocurrency. Since last month the price of Bitcoin was struggling hard to break the price barrier of US$11,000. However, in these attempts at some point price reached near US$11K but went down to a few hundred dollars low quickly.
At last in the end of October’s first week, Bitcoin successfully broke the barrier of US$11,000. The price was ranging between US$ 10,500 to nearing US$11K. Surprisingly due to gained acquired @6.5% from the start of October, the legendary cryptocurrency’s price has jumped to US$11,000.
A huge sigh of relief was seen amongst Bitcoin traders who were longing to see its price go above US$11,000. They are now reformulating their strategies for their Bitcoin trading. Some were even shocked to see the Bitcoin’s leap from slumped Bitcoin US$ 10,500 to US$ 11,000.
Once again expert analysts are taking this as a Bullish Indicator. However, they also acknowledged that even in the times of Covid-19, Bitcoin’s price remained above US$10,500. This was crucial for Bitcoin as it provided support to legendary cryptocurrency to survive the effects of the pandemic, they said.
Bitcoin patrons also said that Bitcoin’s price of US$ 10,500 provided the shield cover to meet the odds. Once momentum was gained the price went automatically high, they said.
On the other hand, Bitcoin traders have started to expect a further increase of upto US$ 13,000 in the near future. However, they were of the view that the next milestone price barrier for Bitcoin is US$ 13,000. Sala Tekila, a made-up name of a famous Bitcoin trader, also commented on the current Bitcoin price. He said that if Bitocin holds on to this price lock, then in the long-run price will go record high.
In the meantime a few days ago Bitcoin pundits were predicting a very high price of Bitcoin. They were of the view that in the next five years price of a single Bitcoin would be for US$ 100,000. Though few did not agree but looking at Bitcoin’s performance since its inception many believed that this can be reality.
Yet it is important to see how Bitcoin behaves in the future after this price increase. Will it go above US$ 11,000 or go down, is still to see.