The G7 summit is being held this weekend, with several weighty issues to be discussed by some of the most powerful leaders on the planet. Rumour has it that Bitcoin may also feature on the bill.
Bitcoin Price: Short-Term, It’s Anyone’s Guess
It’s been another one of those weeks for bitcoin price, with not much serious movement in either direction. The only thing we really learned is that nobody has the faintest clue what’s going to happen in the short term.
At the start of the week, a rising wedge saw predictions of a break-down and pullback to $8.8k. Price of course, then jumped up to $10,900, though never really looked like troubling $11k.
Bolstered by this, we were told that an influx of new volume could propel price to $12k next week. Which immediately led the price to drop back, and ultimately break lower than the psychological $10k level.
Bear market signals were apparently looming… so price dragged itself back into five figures by its shirt collar. Then promptly dropped back into four. Could losses be down to a drop in global sentiment generally, or perhaps manipulation by bitcoin whales? More pain was predicted either way.
But then it wasn’t… we suddenly had bullish divergence at $10k and were told that $11,000 was a target. Unfortunately, that rally petered out at around $10.4k, only to drop back to around the $10k level where it has roughly stayed ever since.
Longer-term we have more of a consensus, and still, appear to be looking at $50-60k spurred on by next year’s halving event.
Happy Bitcoin, Mr. President
John McAfee isn’t the only Bitcoin-toting cowboy with his sights on the US Presidency.