After being trapped in a relatively tight range of $6,000 to $6,500, bitcoin jumped above the $6,800 level, putting the $7,000 area in play. However, some cryptocurrency market observers believe bitcoin will have difficulty getting to $10,000 before the end of this year.
Momentum plays an important role in when to buy bitcoin, but what may be surprising is that buying the cryptocurrency after it has experienced big rallies can be a winning strategy.
“Within the currency networks, we continue to see upside in networks that have cultivated relatively organic growth and community (such as LTC), meaningful downside from networks that have inherited brand recognition and potentially short-lived adoption during hiccups from their fork-parent (such as BCH), and very little value in networks that are misleadingly marketed and not even required for use within their own network (such as XRP),” according to the Satis Group report.
For more information on the cryptocurrency market, visit the Bitcoin category.