BITCOIN Analysis for October 12, 2017

Bitcoin has surged higher today breaking above the $5,000 level and creating record highs. Currently, the price is residing above the $5,300 level and is expected to reach the $5,500 psychological price area and later $6,000. As of the recent predictions by various cryptocurrency trading institutions, the price is expected to hit the $10,000 price level by the end of year 2017. After the setback for the China ICO ban issue, Bitcoin has not been impulsively bullish like this for last few weeks, whereas the break above $5,000 does declare that the Bitcoin is currently looking forward to new highs in the future. As the Bitcoin market has been quite mature with the movement, it is currently expected that the price will fall back towards the $5,000 support area in the coming days before proceeding higher towards $5,500 and later towards the $6,000 resistance area in the coming days. As the price remains above the $5,000 support area, the bullish bias is expected to continue further.

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