Bitcoin bounces back

Bitcoin has bounced back after a bumpy ride over the last few months. Prices surged upward in a steep motion today, showing an increase of over USD 1,000 in only an hour’s span of time according to data pulled from bitcoinity.org. The flurry of trade also set a new hourly record of Bitcoin trading volume, with USD 1.2 billion worth of Bitcoin changing hands.

This significant jump was followed by a slight drop, with a price point averaging USD 7,700 at the time of writing.

 

 

Bitcoin bounces back
Chart data and image courtesy of bitcoinity.org

The increase was welcomed by Bitcoin users and provided for even better news for those in the cryptocurrency community who chose to “HODL” or to Hold On for Dear Life, as the saying goes.

The community embraced this jump in value after enduring traumatic market volatility in the recent weeks. Bitcoin prices have been all over the board in the last six months, ranging from a market high over USD 20,000 in January to a dramatic downward slope with a low around USD 6,000 in February.

Bitcoin charts are closely monitored for patterns by experts worldwide – yet nobody has yet been able to pinpoint the exact science behind the ebb and flow of Bitcoin’s price roller coaster. From famous opinions to big bank CEOs’ regular rants, there is seldom a true consensus among those who share their views on the controversy surrounding Bitcoin.

Max Keiser, the notorious host of The Keiser Report, was seen Tweeting playfully about his recent prediction that the Bitcoin market would experience a “double bottom”.

A double bottom is a pattern sometimes found in market charts that measure financial data.  It looks like the letter “W” with a price drop, followed by an upward rise, with another drop and finally a defining final rise similar to the one that came before it. Really, it could be called a double top – since that is the positive note that it ends on.

With all of the opposing “expert” opinions, the frenzy paves the perfect path for a slightly unpredictable ride in the short term. Based on at the numbers year over year, the future for Bitcoin’s price appears to be bright, having bounced back from every major fall so far.

 

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