Bitcoin has hit an all time high today, reaching up to just over $5,300 per coin. This incredible feat comes in the face of uncertainty last month over the news that China was imposing suffocative restrictions on the sale and use of tokens around the country. Despite the sharp decline in the Chinese market, the rest of the world has picked up slack, sending the price of Bitcoin through the roof.
This obviously brings up big questions about whether or not the price of Bitcoin is in a bubble, which are amplified by the fence-riding of major financial institutions in the US such as JPMorgan and Goldman Sachs, who can’t seem to make up their mind on the validity of Bitcoin as a worthwhile financial instrument. Everyone is impatiently eyeing their computers, and reading as far into the technical indicators as they can to come up with suitable answers. This CoinDesk article that I stumbled upon is just one example; according to them, the Bitcoin market still has big bullish potential. Only time will tell.
On the Ethereum front, the price of Ether is certainly up today, inching just over $300. Ether has been bobbing up and down over the past few weeks around a similar price level, so there’s not much news in the way of significant developments there.
I have a sizeable long position in ether, but have been unwilling to participate in the Bitcoin market as of yet. I’ve been looking for some kind of buy signal to jump in, but this rocketing price movement certainly isn’t it for me!
What do you think about the future of Bitcoin, and what indicators do you like to look at to formulate your opinions?