For the last 7 hours, Bitcoin showed a surprising surge of more than 2%. After a long stand stability rate of around $ 6.400 – 6.500 USD, now the major cryptocurrency gained to $ 6.600 USD. The increase came unexpectedly since the only bounce the Bitcoin experienced lately was the one up to $ 6.700 USD in late September. At the time, crypto experts explained that the token is chasing that so important mark of resistance of $ 6.800 USD, which, if it had surpassed, they said, it would skyrocket to over $ 7.000 USD. Something that has not happened from the beginning of 2018.
However, the predictions referred the next 12 to 48 hours of that time and because, as we saw, the Bitcoin did not increase, bears became to speculate again. The bounce was called an instant moment by many, which was a temporary event that will quickly go away.
Today, the charts clearly show that all these bearish predictions were not the whole truth. The Bitcoin expresses volatility lately that gives hope to every crypto day trader. Now, the next line of increase is the mark of $ 6.800 USD again, which, if went through would clear the way to the desired $ 7.000 USD, the crypto evangelists say. But until it breaks this level, it will keep moving in a small volatility range, according to the crypto analysists.
Why bears decline?
Well, the crypto bears were very confident that the high volatile poles are impossible anymore. In fact, the blockchain ecosystem has started to transfer into a stable market and no one foresaw another price bubble. The volume of the Bitcoin stayed relatedly low in all crypto exchanges, probably for these reasons. Bearish prognosis usually leads to sells and low interest for buying.
This has already started happening but will really start to ramp up in 2018.
Said earlier this year James Altucher, author of the book “Choose Yourself”.
So, probably for the moment, the best strategy is to calm down, sit and watch how the price level will evolve.