Weekly Price Analysis: The Week Ends With Bitcoin Hitting $9,000 Threshold

Nov 26, 2017 at 17:20 // News
Author
Lana Smiley
Weekly Bitcoin price analysis

The week has been quite eventful for the Bitcoin market. BTC hit a new all-time high three times while increasing its price steadily.

Due to the anticipated CME Group’s futures, we have seen new investors entering the market. Another reason for the surge was seen in the stealing of $30,950,010 in USDT tokens from the Tether Treasury wallet.

The first all-time high of the week amounted to $8,380 right after the hack. The second time we have seen the price at the record rate of $8,450. This all-time high was set on the exchanges of South Korea.

There was a slight decrease for Thanksgiving Day, probably because investors needed their time to eat the festive turkey. The price lingered at around $8,200 during that time. However, shortly afterwards we have seen another all-time high of $8,668. This record was also led by South Korea and Japan.

It became possible due to the fact that South Korea and Japan, as two of the largest markets in the world, attracted huge numbers of traders by high premiums. For example, Bithub traded BTC at the rate of $8,780 on November 24, which was nearly $200 higher than the average global price. Moreover, Shinhan, the second largest bank in the country, began the testing of its Bitcoin vault and wallet. That will probably benefit overall BTC adoption by common users which is likely to attract even more investors to the industry.

The bullish trend is overwhelming. Hardly the new week has begun on Sunday, November 26, and we have seen the fourth all-time high when Bitcoin hit the $9,000 threshold.

Bitcoin chart week.jpg

Vladimir Lialine, CEO of Twixsoft and Hashpower, shared his opinion with Coinidol.com:

Vladimir Lialine

“Lack of opportunities in the stock market and VCs being overrun by ICOs, in addition to tremendous amounts of cash sitting on the sideline has created a perfect storm scenario for Bitcoin upside. Nothing goes up in a straight line, expect healthy pullbacks. But the upside could be unlimited.”

Future forecasts are more than optimistic. Most experts anticipate the price hitting $10,000 right after CME Group’s Bitcoin futures implementation. However, looking to the present BTC rally, it might be fair enough to suggest the $10,000 record may be taken even earlier.