Bitcoin Roars into $2,700 Territory – South Korea is a BTC Tiger
Bitcoin absolutely exploded overnight from Wednesday into Thursday, trading this morning on several exchanges at around the $2,747 mark, up from yesterday’s $2,450 level at mid-day and erasing the $2,500 through $2,700 barriers for the first time.
Buoyed by the arrival of the long-awaited hard fork on Wednesday, the markets geared up as rumors swirled that the US Securities and Exchange Commission’s review of an appeal on the Winklevoss exchange-traded fund bid may hit before the weekend.
The $2,700 price was astonishing, and means that bitcoin has doubled in price since it first topped $1300 in March as the world awaited the initial SEC ruling. After a brief dip into $900 territory, it’s been mostly blue skies and elevating price levels ever since.
There’s more to the story, as CoinTelegraph reports, South Korea has entered with a vengeance, pushing its exchange prices for a single bitcoin as high as $4494. The government recently lowering the equity capital requirement for startup bitcoin companies that target remittances is one key to growth. New laws go into effect in mid-June.
One analyst remains cautious. Nicola Duke, an analyst at Forex Analytix, uses the Fibonacci retracement to looks at the peaks and troughs of previous rallies. She sees the potential for a bit pullback.
Duke told CNBC that the $2,800 is a potential ceiling for the current rally, and could fall as far as $1,470, based on her research. The Fibonacci analysis is that bull markets retrace a key percentage of previous moves higher. The next big rally would come in January of 2018, when stock markets also typically elevate, and bitcoin could go as high as $4,480.
