Bitcoin’s Roller-Coaster Weekend
Bitcoin (BTC) had quite an interesting weekend.
Between February 23rd and 24th, the leading cryptocurrency’s price per unit traversed up and down, similar to something I absolutely loathe: roller coasters.
I like to take risks and get my adrenaline boosts through my investments, not from poorly maintained thrill machines.
I’m also not a fan of heights.
Today, I’m going to delve into BTC’s eventful weekend and what that means for our digital wallets.
Everything’s Good by the Weekend
BTC’s thrilling 48 hours started on February 23rd. BTC was at $3,849 at midnight on the 23rd. Throughout the day, the cryptocurrency kept rising in price.
By 11:30 p.m. that evening, Bitcoin was at $4,114.
In one day, BTC went up something like 6%...
Well, Maybe Not Everything…
While BTC enjoyed a sizable gain on the 23rd and broke the $4,000 ceiling, things went a little differently the next day, February 24th...
By 3:30 a.m., BTC had gotten as high as $4,189 and went no lower than $4,100 throughout the morning and into the early afternoon.
Then the afternoon set in, and BTC started to drop a little...
At 2 p.m., BTC was at $4,084 — a little under the $4,100 average it had been enjoying for over 12 hours, but no problem...
By 2:30 p.m., Bitcoin was down to $3,802 and ended the day at $3,734.
Not only did BTC lose its near 6% gain from the day before, but it also dropped an additional 5% on top of that!
As of Monday morning, Bitcoin is at $3,788.
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What Does it Mean to Us?
For investors, this is nothing to be worried about. Actually, this may excite you.
This weekend may have indicated to us that a bull run for BTC is coming soon.
Some analysts and experts see BTC’s multi-week rounded bottom as a signal that its bear market is ending.
While trends are showing BTC having trouble getting above $4,000, experts believe the crypto will continue to rise.
Since BTC has been at its low, the crypto has experienced more buying interest with long-term speculators, which is great since it usually comes from entities already committed to crypto such as exchanges, businesses, and miners.
People are still bullish on BTC. For example, Thomas Lee, CEO of Fundstrat Global Advisors, projected that the crypto will be ending 2019 at $3,900 at least.
Alex Krüger, a professional crypto researcher, stated that BTC “could move fast” if it gets past $4,200.
What BTC needs, Krüger believes, is more public interest in crypto.
I’d have to agree with him. With Fidelity Investments recently being passed the Lightning Network torch and allowing BTC payments, increased public interest should certainly follow.
Time will tell, but it seems like my forecast for BTC is right on the mark, and it will be just fine in 2019.
The more you know,
John Butler, Jr.
John Butler is Token Authority’s contributing editor. He first learned of Bitcoin in 2010 when it was still unknown. Since then, he has seen cryptocurrency and blockchain technology swell in popularity across the globe, making innovators and investors plenty rich. Every week, he brings Token Authority readers compelling information for crypto investing.