It only seemed like yesterday we were reporting on Bitcoin hitting $4000, then $5000, now we see bitcoin break $6000 and hit a new all time high of $6054. This brief run only lasted a short while before dropping back below $6000. However as we speak the bulls are lining up again in a second attempt to break the resistance at $6000.
It is highly likely if we break the $6000 target once more Bitcoin will be on a free run towards $6500. There is much speculation about where this current run is coming from. It’s likely a large amount of people are selling off their altcoins to ensure they can get their Bitcoin Gold which is due to fork off from the Native Bitcoin chain on the 25th October. In the last few days we have seen Bitcoins dominance of the cryptocurrencies get back up to %55 and beyond as the value of many altcoins plummet.
It could be an interesting weekend for Bitcoin, we’ll keep you posted!
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Surely it will take a tumble back to the low-mid 5000s, but this is another milestone on the upward journey. 10k doesn't seem so far away anymore.
The general trend over the last 6 months is two steps forwards, one step back, two steps forwards, one step back..... and so on. Which is healthy and hopefully how things will continue.