The price of bitcoin is back in the spotlight, but following weeks of sky-high gains, market observers are beginning to assess what could be next.
After hitting two-year highs earlier in the week, bitcoin prices fell notably entering Wednesday, nearing correction territory after enjoying a sharp rally. However, several market observers asserted this decline was only temporary, and that the price could push its price higher in the coming weeks.
Experts pointed to a number of factors, including rising volatility, the coming decline in bitcoin rewards and falling bond yields and the looming possibility of a ‘Brexit’.
Combined, however, market observers believe that bitcoin prices have only experienced a ‘temporary pullback’, and that future price appreciation remains a strong possibility.
Though hovering at a press-time total near weekly highs, the price of bitcoin has been on the move over the past few days.
The digital currency fell to a low of $661.60 on 14th June, after reaching $719.85 the day before, CoinDesk USD Bitcoin Price Index data revealed. This represented a decline of more than 8%, just short of the 10% drop required to signal a correction.
However, this $661.60 low seems to have represented strong support,