Bitcoin’s Rampaging Bull Market Confidently Charges Ahead (October: No. 3)

Current Bitcoin Prices in US Dollars (Snapshot – from Saturday, October 21 – to – Friday, October 27)

The week to October 27; saw yet another week-on-week rise, and serious price consolidations takes place; as the Bitcoin/US Dollar exchange rate value, briefly breached the $6,000 dollar benchmark; in this runaway bull market.

On Saturday, October 21 – At around 15:00pm; the bullishly Bitcoin price set yet another new all-time high, with its price touching $6,148 for the first time, ever.

An overview analysis of BTC prices when comparing this Bitcoin price of $6,148 with its September low of $2,980; showa that the cumulative returns in any BTC investment has more than doubled in the month – representing a more than 100% percent spectacular returns.

On Monday, October 23 – The runaway Bitcoin price struggled to catch its breath as it as it dropped below $6,000 and closed at $5894 slightly down on the day by -1.51%. More pull-back was expected with BTC having dipped below $5,800 earlier, in that morning.

On Tuesday, October 24 – The sky-high Bitcoin price went further down on the day by – 3.09% with the BTC prices averaging around USD $5713 (exchange rate values: EUR €4857 Euros – and GBP £4335 British pounds). Then it closed just below the $5700 benchmark.

On Wednesday, October 25 – The consolidating Bitcoin price closed at $5712.30; up on the day by a negligible rise of 0.26%. The expected pull-back has not been as deep as had been envisaged for a market correction – which following the BTC gains should allow for up to a 20% drop.

On Thursday, October 26 – The Bitcoin price went up to $5,840 across global BTC exchanges; as the cryptocurrency rose by about 6 percent in 24 hours. Trading was brisk and firm on the day and it reflected in the bitcoin-U.S. dollar (BTC/USD) exchange rate. Bitcoin prices were creeping up again holding on to the $5,800 benchmark.

On Friday, October 27 – The volatile Bitcoin price closed at $5725 slightly down on the day by -2.76%; as the price stalled for players and the market to reflect on the BTC environment. And whether to profit-take, or not.

Some key investor questions arising from a brief BTC analysis are as follows: 

1. Has the BTC rally from the September low of $2,980 topped out now?

2. Do we expect a sharp price drop before a feverish bear-market; or just a simple brief market-correction dip?

3. What about the potential benefits of the upcoming BTC hard-fork in November 2017?

4. Will the November 2017 BTC hard fork create another new cryptocurrency that has a similar runaway price?

While we discuss and ponder the answers to these analytical framework questions, one clear troubling fact has now been mainly resolved; and that is this.

That the BTC market fears of early September that were caused by China’s ICO ban (and regulatory crackdown in China); and the subsequent voluntary closures of domestic Chinese cryptocurrency exchanges have not affected the market, for the worse.

Contrary to some traders’ expectations, the record BTC bull market rally has continued. 

Bitcoin prices are still sprinting on upwards; having already made serious gains, to date. Do note that the BTC price has, so far this year, made astonishing investment returns of close to 500 percent, since the start of January 2017. 

TO BE CONTINUED. – Copyright: Daniel Obiago, 2017

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