There are predictions that its bottom would be $2,000, which may be true, or may be not. As usual, analysts has failed in their predictions a lot of times. Someone predicted Bitcoin will reach $25,000 at the end of the year while another analysts said it will only reach $15,000. Now, the prediction is it will surge by the coming year and that's unlikely this month. Funny how the predictions are not consistent that's why I prefer not to believe the predictions or analysis.
Bitcoin at the moment is moving up and down. I saw it at $3800 level few hours ago, while it reached $4100 few minutes ago. It's swaying in a certain range and going to the higher level wasn't seen yet. But all I hope is it will finally surge further because it affects our beloved Steem as well.
Well as a matter of fact there are mixed feelings that are going on right at the moment. To be honest I always want Btc and teh market to recover as much as possible and as early as possible but over the course I have learned that emotions does not really works in here.
Rather technical and financial analysis are more important in order to survive in this market. Nevertheless, as seeing the trading patters and the analysis it might turn out this is a false run (believe me I would really want to get jump from here) but I always prepare for any kind of scenario and as a matter of fact we might see a bug downfall soon and it might turn to 2000 USD zone for BTC.
While this market is unpredictable, so is BTC we do not know what will happen this are just assumptions being made (upward/downtrend) . I myself and I believe everybody would love to see the glory of BTC once again.
Uh, you might be either delusional or WAY overdramatic.
With price approximately 40% down over the last month, “skyrocketing” may not exactly be the most appropriate word for what you’re trying to ask...
It could be. And it could also be a mirage
I remember a few months back (September to October), everyone expected the bull run so any slight spike in price made everyone believed the bull run was near.
Currently, I'm pessimistic about the rise of bitcoin (at least until the year runs out). But then, most traders deal with speculation and wouldn't want to miss out on a gain. If they believe bitcoin is going to rise pretty soon and they put their money where their mouths are, it would trigger a rise making their prophecy self-fulfilling.
Buy then, most traders/investors are weary. It would take more than the current spike to build trust and create a great rally
It can not be called as a skyrocketing price of BTC, the last low was around 3400 level and the level now is 4200 approx. So the movement of 800 usd upward can be considered as a small correction of the large down trend from 8200 level to 3400 level and this can not be considered as a sky rocketing price.
Keep watching your chart. The immediate resistance now is 4400 level and the next hurdle is 4800 level followed by 5500 level.
But one thing I would agree with you is that from last two days BTC has not made any new lows, so that is really a positive sign for bitcoin and if it continues to consolidate from here on then it should do fine and we may see an approach towards 5500 level at least before closing the year 2018.
The sentiment of BTC should improve otherwise the altcoins segments will panic a lot and if BTC will improve then we can see a relief rally in altcoins segment too.
Thank you and Have a great day.
Skyrocketing? It didn't really skyrocket if it went from the mid-3000's back to the mid-4000's. This could be what is called a dead cat bounce, a temporary and short-lived move up in a general downward trend. Nobody really knows. All I know is that some people who technical analysis have predicted even lower lows before the bottom of the currently ongoing retraction from the all-time-high of last December.
In the middle of all this misery, it is important to keep in mind the big picture which is that if you look at the all-time logarithmic chart of BTC, BTC is still very much on the way to fulfill its long-term promise.
Below is a logarithmic all-time chart of Bitcoin.
Image Source: http://bitcoincharts.com (CC BY-SA 3.0)
I would not really say "skyrocketing", because it's more like a bump back up. And of course a rise in the price is a signal that it is up; these are really synonyms. I do however not think that this is the beginning of a new bull run like many people predict. We will either stay linear for a while, or go even lower, or at least that's what I think.