Bitcoin Price Analysis : $600 Position Stronghold

Bitcoin prices have been relatively volatile in the past fortnight or so. As the buzz of the halving slowly decays there are various other reasons for the recent drop in value. Currently many consider the market to have stabilised once again as the $640 level is being consolidated as the coin moves to upper levels of $690.

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The past week has been rocky for Bitcoin starting from a low of $622 prices have recovered considerably to current levels of $669. The past 24 hours have revealed a rise of 4.72% reflecting the early week peak of $672. Prices have remained stable but as you can see opportunities to short markets and make quick but safe profit are present. The current floor is predicted to be set at around $620 to $600 according to bitstamp. This may represent a long way to go but current indicators suggest an advance is more than likely under current weakly bullish conditions after the long run of bearish sentiment bring prices down.

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Speculation

To conclude I would give Bitcoin a buy signal considering the volume being traded is more than sufficient to sustain current prices. You can purchase Bitcoin for Naira via the NairaEX exchange and have your Bitcoin delivered within hours at premium rates! The long term outlook is fairly positive with the halving coming to fruition soon, price values will be held for 6 months at the least and are more than likely to grow after the actual halving. Targets for the Bitcoin price currently standing at $682 – $690 for the next week so making an investment now could see your assets glow slowly but surely.

 

Disclaimer: all advice given in the article should be followed at the users own risk. Naira EX or the author cannot be held liable for any financial loss incurred. Losses when trading can exceed deposits so please trade responsibly at your own risk.

Written By

Hi I'm Aleppo Allesadero a experienced bitcoin user and educator. Having worked for over a year in the bitcoin journalism ive seen bitcoin grow from strength to strength asserting its power against fiat currency. Hopefully you too can learn about this exciting new prospect which may help transform the way we see finance and economy on a daily basis.