2016/10/25 12:00 PM
The bitcoin price has risen by nearly $30 since our last price piece and is hovering around $650 USD. Many enthusiasts are taking the price jump as a sign that bitcoin is rising back to the top, and that $700 isn’t too far off the mark.
Also read: Bitcoin Price Drops: Where do We Go From Here?
Bitcoin Price to Hit $700 in New Bull Rally?
In our recent examination of bitcoin’s activity, analysts expressed difficulty in determining whether the currency would move up or down. It appears the bulls have taken the lead yet again, as bitcoin broke through resistance levels to rise faster than it has in some time.
One source explains that last week’s drop was a “test” for bitcoin. When a short-term drop occurs, the analyst says, it’s a signal that things are preparing to fire up to the top in what will likely be a lasting trend:
“My warning of a possible short-term fall in Bitcoin price Friday coincided very well with…