Bitcoin seems set to hit the $10,000 mark in near future, as per technical analysis, while some investors fear the Lunar New Year may play spoilsport.
Ahead of Chinese New Year (i.e. Feb. 16, 2018), Chinese and South Koreans often exchange bitcoin for fiat currencies (to fund increased spending), and bitcoin (BTC) tends to drop in the run-up to the event.
Bitcoin recent inability to move above $9,000 in a convincing manner. Since Feb. 10, the cryptocurrency has been restricted to a narrow range of $8,000 to $9,000, shows coinmarketcap data.
Still, historical data indicate the probability of bitcoin reporting gains this month is high.
Its rise last year also led to increasing amounts of interest in other digital currencies, such as ethereum, litecoin, and Ripple XRP, and more and more people are now looking to invest in digital currencies.
However, there are serious fears that bitcoin has created a bubble that could burst at any moment.
Numerous financial experts have advised potential investors to avoid getting involved with bitcoin, and the SEC has told people to “exercise caution” and be wary of scammers.
But others have speculated that it could eventually rise towards the $1m mark.