Bitcoin has been the most talked about cryptocurrency of 2017. The coin's growth from $970 to $19000 was what led the massive growth rally of cryptocurrencies last year. However following the period of massive gains from November to December, markets came to a standstill as a major correction followed. This correction was a slow burn and was a long time in the making. Following that however, it looks like there's a reversal in the trends which is approaching.
As per seekingalpha analyst Chris B Murphy, Bitcoin might as well bounce back to $19,000 and beyond in the days to follow. The massive growth rally that faced a correction in December might not repeat itself, but expect a slow and stable growth back to $19,000. Bitcoin prices are all set to soar shortly as early bullish signals can be seen in the markets.
Following a massive, 250% rise back in November-December, Bitcoin met with a major correction which saw it fall down by 46%. Had this correction come earlier, it would have devastated many investors. However, going by the fact that it came after a major, major growth rally - it didn't have as devastating an impact as many considered it might.
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Early signs of a bullish trend in Bitcoin prices (via SeekingAlpha.com)[/caption]
Interestingly, after this fall of 46%, Bitcoin went stable for a couple of weeks - and then bounced back by 36% when the price crossed $17500 a few days ago. While the prices fell again - these are the signs of an early bullish trend which is expected to mature over the next couple of weeks.
Once another bullish trend is formed, buyers take control of the markets - and more money is pumped into Bitcoin. This would mean fresh money coming in from investors, as well as money which comes out of current investments in altcoins. Such an event will ensure a strong growth - leading to Bitcoin crossing the $19,000 level yet again. Stay tuned with us for more news updates on the world of cryptocurrency.