Bitcoin just broke the $250 mark. Ever since the beginning of October, the Bitcoin price has been moving in a positive direction. After several months of a wild ride up and down, the value of Bitcoin has finally stabilised and for several days now the cryptocurrency trades between $240 and $247 per coin. At first, this news was welcomed with cheers and disbelief, but now after traders got used to this new high everyone started wondering whether Bitcoin will have the power to break the long awaited $250 mark.
Naturally, this is far from a simple question since so many times before we’ve witnessed a positive trend that at the end resulted with a steep fall of the price. On the other hand, there also have been situations when Bitcoin wasn’t performing too well, but then managed to jump for several points without any apparent reason.
Therefore, we have to first take a good look at the chart and the price movement in the past 30 days. That way we can have a better idea what to expect and when to expect it.
Bitcoin Price Constantly Growing over the last 30 Days
Using our Bitcoin price chart, we can easily notice that in the past 30 days the Bitcoin price has been steadily moving up. At a certain point on 13th of September the value of a single coin was as low as $229 and on 22nd of September there was another low of $224. Nevertheless, from that moment on the cryptocurrency is only gaining on value, reaching new highs with each passing day. For example, by the end of September the price reached $237 and several days earlier, on 6th f October, it breached the $246 mark.
Together with the increasing price, we could see how the market cap has been growing as well, while the year to date change has been falling. All these numbers comply with the current price of $249.41 per coin, which is also a new record high for the currency.
Conclusion
Having into account everything that’s been already said for Bitcoin and its price, we can conclude that not only the cryptocurrency will breach the $250 line, but also that it will breach it very soon. Any second now we can witness this new milestone being achieved. Even in the past few hours we’ve seen a positive movement and from $246 Bitcoin jumped over the $249 line in a short period of time.
All the indicators are showing the same with their fairly positive values. For example, the momentum is still strong 5.9800, while the relative strength index is weakened, but still positive 58.5291. Yesterday we saw the money flow index revealing overbuying value, but today that indicator has calmed down at 68.8679. The histogram, MACD and the signal line are also in the positive with values set at 0.5931, 2.9014 and 2.3082.
Since all the indicators, alongside the price chart, are promising that the good days are far from over for the Bitcoin, we have no other option than to strongly believe that the long awaited $250 mark will soon become reality. When that happens, of course, traders will have to focus on the next milestone for Bitcoin which will be the $260 threshold.