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Bitcoin is standing at 12,410.00 United States Dollar at the time of writing this article amid strong bullish sentiments and growing trading volumes. Since it has jumped over the first hurdle of resistance at $11,075, it could continue its upward trend now for the rest of the year.
With central banks taking actions that reduce the value of government-backed currencies, Bitcoin and Gold are taken as alternative currencies that should rally.
The current price level is the same level seen at this time in 2017 and we all know what followed for the rest of the year with cryptocurrency almost touching 20k by the end of the year.
The excitement about Facebook’s own digital coin called Libra and potential crypto ban in India could well be the major catalysts to the Bitcoin’s rally.
The biggest question to ask now is, where will Bitcoin stop?. Will it cross the 20k barrier imposed on it by the end of 2017 or would that just be a tip of iceberg and crypto will go far beyond 20k barrier?