Technical Analysis: Bitcoin Rally Still Has Legs

It’s one of the best-performing assets of 2016.

Since the start of the year, Bitcoin is up nearly 90%, having just recently hit a two-year high of $918.95.  Near-term projections put the currency in range of $1,000 to $1,200.  New Year 2017 projections put it as high as $1,216, as demand explodes for alternative investments.

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It’s not the highest price ever for the currency, which traded at $1,165 in November 2013.  However, with the latest rally, it has achieved a different milestone altogether.

In fact, the value of all bitcoin in circulation is at an all-time high of $14 billion. 

That’s slightly above the market cap of $13.9 billion in November 2013 when there were about 12 million coins in circulation.  There are now 16 million.

And even here, the rally may still have legs.

Barring any unexpected surprises or failure at prior resistance points, there’s good probability for us to see $1,000 in the not too distant future.

In December alone, it’s up 23% thanks to very heavy buying from China and India, as investors look to protect themselves from currency devaluation issues.  U.S. and European investors have also accounted for a good deal of the volume, as many look for safe havens following political issues making global headlines. 

There also doesn’t seem to be much resistance especially after President-Elect Donald Trump appointed pro-Bitcoin Mick Mulvaney to the head of the Office of Management and Budget.  It’s a move that could very well signal a more favorable stance on the digital currency moving forward.

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