Suddenly, Cheeky Bitcoin Tops $6,000, Ditching Analysts’ Bear Market

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Bitcoin returns to $6,000 despite analysts predicting a retrace of last week’s all-time highs just hours before.

Bitcoin is almost hitting $6,000 on major exchanges again Thursday as a seven percent daily uptick sees this week’s bear market left behind.

Data from Bitcointicker shows WEX delivering a high of $6,004 at press time, with Bitstamp maxing out at $5,988.

Chart

The move marks a fresh surge for Bitcoin, which just 24 hours ago was languishing at recent lows closer to $5,000.

Despite the disruption caused by Bitcoin Gold and the forecast uncertainty from SegWit2x, enthusiasm has returned to trading markets, with even mainstream sources predicting fresh all-time highs will come in November.

Nonetheless, the rally appeared to take many by surprise, with commentators expecting an extended correction after Bitcoin price passed $6,000 for the first time last Friday.

What you see now in #bitcoin is a well-defined double top in Bollinger Band terms suggesting further correction action. $btcusd

— John Bollinger (@bbands) October 24, 2017

Struggling here.. might return to $5500 imo. Shorted $5750. Will close if we break through this resistance. Godspeed! pic.twitter.com/4VPtALTEq9

— Crypto฿ull [NO2X]‏ (@Crypto_God) October 26, 2017

Longer term, however, proponents are digging in to defend the virtual currency against further accusations related to pyramid schemes or bubble-like behavior.

“In the mid-1800’s the world’s street lights were kept alit with whale oil. Then John Rockefeller streamlined the process of refining crude oil,” advocator John Kelly of CNBC wrote in Forbes Tuesday.

“The whaling captains that did not recognize the change were left sailing a barren ocean in search of former riches, while Rockefeller went on to create Standard Oil… Bitcoin, the currency, is the incentive for all of us to become John Rockefeller.”

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Author: William Suberg

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