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Bitcoin Price News in Headlines Yet Again

Here we go again. The Bitcoin Price News in headlines again, as the bull continues his charge.

We’ve been reporting about the strong outlook for the Bitcoin price a lot recently.

Strong buying pressure emerged again from China yesterday. It come suddenly and ferociously.

These sort volumes from China markets have not be seen in almost 2 years. The Bitcoin price is trading at a 2 year high. The increase is well and truly being led by Chinese buyers and markets.

Their was an almost 200 Yuan spread between Western and China exchanges, as the China demand for Bitcoin proves insatiable.

Bitcoin Price News and What’s Behind It

The underlying reason for the sudden explosion in interest in China is unknown. There is speculation that it is to evade very strict capital controls in the country. There is over US$ 20 trillion in Chinese deposits. A lot of this would enjoy nothing more than free movement across borders, something Bitcoin offers.

#China investors using #Bitcoin to protect wealth and driving up price. #BTC #Blockchain #Huobi #OKCoin #BTCChttps://t.co/Cs4elNynyf

— 何建樵 MBA CAMS-FCI (@JayHochstein) June 4, 2016

There is more speculation still, that buyers are waking up to the current halving event. For more details on that, you read an earlier article of ours.

Basically, very soon, the available quantity of Bitcoin each block will decrease by half. Perhaps markets are waking up to that realisation.

Of course, all this is speculation.

Bitcoin too is becoming a lot more user friendly. Perhaps this offers a reasons. Meaning that it’s now more accessible to mainstream investors. And now that it has been around for more than 10 years, people get the idea that this technology is not going away.

Fibonacci chart analysis targets:

• 0.382 = $535
• 0.5 = $652
• 0.618 = $771
• 0.764 = $917

Bitcoin Price News and the Short-term Future

It looks like we will see a 10% pullback when we hit the high US$600’s. Then we will make a final leg to US$800’s, before crashing. Any retraction will not go below US$ 535.

Ultimately, we could see this bubble completely dwarf the last Bitcoin bubble in 2013.

Gold and Bitcoin are often compared as safe haven commodities, with similar unique properties. Both have experienced dramatic price rises recently. We will continue to keep our clients updated on these developments as they unfold.

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