Will the bitcoin rate continue to rise or fall?

The Bitcoin course has once again taken the spotlight after the two-year high. After a week of ongoing course advancement, market observers are now discussing what is coming next.

After the bitcoin rate was able to mark a new two-year high at the beginning of the week, the price fell briefly during a correction phase. However, various market observers expect the Bitcoin price to move further upwards after the correction in the coming weeks.

If all these factors are summed up, the market observers see good opportunities for a further bitcoin price increase

Continued strong support

In spite of the determined ascension, he found Bitcoin at short notice. The digital currency fell on 14 June to a low of 661, 60 US dollars. Just one day before, the price was still 719, 85 US dollars. Thus, the spike of 8% gave a clear signal of the correction. However, the $ 661, 60 US dollar low rate has quickly found new support, and since then, the price per bitcoin has continued to grow: the current price (US $ 16.61, 2016 11: 15), 735, 81 USD and 652, 80 euros.

Great confidence

Even if the price fell sharply in the short term, this had no effect on a rise in short positions, according to Zivkovski.

"The traders positioned themselves rather neutral and use the opportunity to buy Bitcoin. "In a market where uncertainty prevails, we could certainly have observed a different behavior, because then traders usually sell at heavily falling prices. Had the traders expected major losses, we would certainly have seen a drastic increase in short positions, Zivkovski said. Other market observers say such fluctuations are inevitable in times when Bitcoin is looking for support in new course areas. "It's important to understand that markets always go through a certain up and down cycle," said Joe Lee, founder of Magnr.

"It is possible to assume that if a price rises too fast, a phase of the correction will take place shortly afterwards, irrespective of the different asset classes."Xu Qing from the Chinese Bitcoin stock market Huobi said that such a correction is quite normal and a signal that we will see increased volatility in the coming weeks.

"The perfect backdrop" With a glance into the future, some events could have a positive impact on the further Bitcoin course.

"The global market economy is picking up," said Hayes, co-founder and CEO of BitMEX's Bitcoin platform.

Influence of Bitcoin Blockhalving

However, all eyes are focused on the upcoming bitcoin block halving - the ultimate test for the bitcoin price.

Market observers see here as a result of halving the Bitcoin offer a large influence on demand. "There has been such a big hype around the forthcoming block-halving in July that the speculations are gradually heating up," said Bitfinex Director Zane Tackett. Zivkovski says that the upcoming block-halving secures a bullish market mood and hedges it against short-term price falls.

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