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Bitcoin Back on Track?

Dave Jackson Dave Jackson, Stockhouse
1 Comment| December 20, 2018

Bitcoin (BTC) has bettered the US$4,000 mark for the first time in two weeks, continuing to break away from a months-long slump.

At press time, the price of the world's number-one cryptocurrency climbed above 7% over the past 24-hour trading cycle to trade at US$4,037, according to Einstein Exchange's index tracker.

The last time the digital currency was trading at the US$4,000 level was on December 4th. It began to plunge in mid-November after months of stability, restoring volatility in an asset class known to rise or fall hundreds of dollars within hours.

It has dropped almost 80% since a record high near US$20,000 in December 2017. Earlier this week, Bitcoin began to jolt upward on the anniversary of the cryptocurrency's all-time high.



The wildly fluctuating price is not unusual for the notoriously volatile cryptocurrency, with five previous cycles seeing Bitcoin fall by an average of 85% each time.

Before the latest recovery, the price of BTC was around 83 per cent down on its 2017 high.

Opinion is divided over whether Bitcoin will return to its previous highs, with some analysts suggesting that bitcoin will eventually become worthless.

Others are more positive in their forecasts, including John McAfee, who famously predicted that one Bitcoin will be worth US$500,000 in 2020.

The one-time cyber security pioneer and current full-time crazy person is now one of the most prominent figures in the cryptocurrency space. He said during a recent rum-fueled rant that the price gains could suggest a more significant market shift.

"Bitcoin at $3850. Tide may be turning. Altcoins accelerating even faster," McAfee tweeted. "Today's winner is Skycoin: up 45 per cent. My Skycoin tattoo was prophetic. It takes time, but the coins I choose, eventually, tend to win. Keep your fingers crossed folks. Last week may have been the time to buy."


Head and shoulders shows on the chart , means a retest of the low coming up.
December 22, 2018

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