Bitcoin Blasts Through $8,000 to Hit New Record High

Bitcoin
  • Bitcoin Blasts Through $8,000 to Hit New Record High

Digital currency, Bitcoin, climbed to a new record high on Monday following the cancellation of Segwit2x software upgrade earlier this month.

The cryptocurrency which had erased about $38 billion of its market value a week ago, is now trading at $8,044.34 a coin. Meaning, the unregulated cryptocurrency has gained about 33.3 percent since plunging to $5,617 a coin on November 12.

Bitcoin

Also, the upsurge validated Goldman Sachs technical analyst, Sheba Jafari, who predicted that a temporary pullback is imminent around $8,000 price level before bullish continuation.

Goldman

“The market has shown evidence of an impulsive rally since breaking above 6,044. Next in focus $7,941. Might consolidate there before continuing higher,” Sheba said using technical indicator called Elliott Wave.

Since the consolidation, Bitcoin has continued to climb before finally blasting through $8,000 price level to trade at $8,044.34 a coin. However, sustainability remains a concern, especially knowing that Bitcoin is highly volatile.

“Given that this is just a third of five waves up, the implications are that Bitcoin has potential to run further over time.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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