Since it’s low of $US6079 on 13th July, Bitcoin this week has risen almost $2,000 to break through $USD8,000 per bitcoin this afternoon.

Technical analysis of Bitcoin‘s price movements in the past 10 days shows a massive bull run to lead up to this point, having performed poorly since the December/January downturn.

This could well be a turning point for Bitcoin; with the bulls out in force, and long/short positions giving investors a reprieve, the next 24-48 hours are critical for the struggling cryptocurrency.

If Bitcoin can continue it’s trend and break above $US8,500, this may signal further rises similar to those seen in November/December 2017. It comes with great risk, also, in that ETF traders have placed large numbers of short orders – which could well be liquidated if lagging investors jump in and action their FOMO reflexes.

What do you think Bitcoin will do in the next 24-48 hours, and where is it headed next? Comment below to join in the discussion!

On the fence about whether or not to buy Bitcoin and other cryptocurrencies? Be prepared and make sure you get check out Australia’s best crypto exchanges to ensure you don’t miss out on the next potential bull run!

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