Bitcoin Price Tracker: ‘Speculative Spike’ or Bullish Signs?

The Word Crypto Network technical analysis brought to you by Bitcoin.com is back again with its host Theo Goodman, with guests George Samman and Tone Vays. Bitcoin’s price is analyzed by these experts again during its slight price rise this week. As usual, in the crypto-world, the action is always happening 24/7.

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Also read: Politicians & Banks Helped Bitcoin Beat All Sovereign Currencies in 2015

Goodman starts the show explaining how we’ve “seen a pretty good price movement in Bitcoin” before introducing guest experts Samman and Vays. The digital currency at press time has been floating at $450 USD on Bitstamp after hitting a high of 465. All of the guests recognized that China’s markets have been going nuts and have initiated a downward spiral within most markets worldwide. Samman says he’s currently leaning “bullish” at the time of recording. He also notes the action in China which he says “we always seem to talk about.”

candlesticks1_6_1Brave New Coin’s Tone Vays gave his opinion on the price spike and said he was in line with Samman last week with his price analysis. Vays also gives a lot of attention to the speculation within global financial markets and the horrible week they had.

However, with Bitcoin, he says he “doesn’t see any real genuine demand” for the currency. Despite this, he notes there’s a lot of sour news with financial markets and any bad news for fiat is good news for Bitcoin. Vays sees the rise as more of a “traders speculative spike” but he says he’s still bearish at this point but believes the digital currency is moving well. Vays has been neutral to bearish for quite a while now. However, this could be the crucial point he’s been waiting for, i.e. an “oversold condition to be met before I decide to go long on Bitcoin.” There are some bullish signs, he notes, but there has also been some divergence that could lead to a lower price.

As usual Goodman, Samman, and Vays give their report and forecasts within current trending markets worldwide and of course Bitcoin. Wall Street has had a rough start to the new year though this hasn’t spread to the cryptocurrency world. Meanwhile, speculators believe it’s only fueled its resourcefulness. Bitcoin.com and the World Crypto Network will be back again with another analysis from the weekly series.

You can check out the full Bitcoin price analysis video below:

What do you think about Bitcoin’s current price? Let us know in the comments below.


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