Reaching all-time highs every day is not surprising anymore. It is not a rollercoaster and not simply an upsurge. It is a hyperjump.
According to Mark Dukas, Bitcoin and Blockchain Consultant, and cryptocurrency trader at BitcoinSmartMoney.com, “this week's trend of Bitcoin blowing through all-time highs continues. The Bitstamp chart shows Bitcoins price reaching $9,721 before taking its first breather. The amount of volume on the move up to $9,700 was higher than average volume over the past few days. As a trader, this legitimizes the price move up.”
It seems CME Group’s announcement had an even more prominent impact on the market than was anticipated. To understand its essence better, it is worth mentioning that the appearance of a government-regulated bitcoin exchange will simplify the entrance of new investors from the traditional finance sector into the digital currency market.
At the moment, it is quite difficult for traditional investors and traders to trade and invest in Bitcoin due to strict KYC and AML regulations. The simplification of this process will improve BTC liquidity and therefore, promote its adoption among traditional fiat market players.
As to the possible Bitcoin price change in the future, Mark Dukas shared his opinion with Coinidol:
“From a technical analyst view, Bitcoin's mid-term price support on the 720 min chart (2 bars per day) is currently at $7,431.00. New resistance is now $9,721 and price support sits at $5,555.00. Look for another small push down before prices takes off through $10,000 USD. Be sure to check out volume moving the price to see the legs this next move has. A mind-blowing number came out of the Coinbase camp: 33,000 new users every day are signing up. The amount of Bitcoin mined per day: 1,800. Math and numbers don't lie. Look for $10,000 plus and cryptocurrency market cap as a whole to reach half a trillion dollars in 2018.”