Bitcoin price analysis — What is the reason for sharp rise?

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Bitcoin price analysis

Bitcoin price analysis for today’s situation: price passed a mark of 4000 dollars on August 12, 2017, due to strong demand from Japan. Cryptocurrency traded slightly above USD 4,184. This is about seven percent higher than its previous high of USD 3,941. Then, the rate retreated to the level of $ 3999.85. On Sunday, August 13, Bitcoin price analysis shows that price once again this week updated its own record. Now Bitcoin costs more than $ 4000.

Thus, cryptocurrency needed less than 48 hours to rise to this height from the rate of $ 3500, which was first recorded on Friday, August 11. Already on Saturday, according to Bitcoin price analysis, the price exceeded $ 3750 first, and then $ 3900. Now a bar in $ 4000 was taken.

Among the factors that determine such impressive growth, we should note the increased confidence of investors, the forthcoming activation of the Segregated Witness protocol and significant demand for cryptocurrency in the Japanese markets.

1. Bitcoin price analysis — the trade

Bitcoin chain

What’s interesting, the Bitcoin’s trade, coupled with the Japanese Yen, accounts for almost 46% of the total trade worldwide. Trade in the Bitcoin – US pair is about 25%. However, the South Korean Won and Chinese Yuan it is about 12% for each national currency.

In early August, Bitcoin’s price indicators became similar to the level of interest in gold. That compared to the sale of stocks and bonds around the world due to growing concerns about the nuclear threat from North Korea.

The tense situation prompted investors to turn to the alleged sources of safe investment and alternative assets.

2. Bitcoin price analysis — dynamics and reason

Embed from Getty Images

In our opinion, excellent dynamics of Bitcoin’s price in the market is also partly due to a successful fork on August 1, 2017. That day the new Bitcoin Cash digital currency branched away from the Bitcoin’s main chain. This split without consequences led to an increase in investors’ interest in Bitcoin, especially asset management companies.

Despite its outstanding growth dynamics, Bitcoin continues to face an uncertain future. In November 2017, the cryptocurrency may split up again due to the planned implementation of the second phase of the upgrade project, called Segregated Witness (SegWit). No doubt, if this implementation takes place, Bitcoin’s price will alter drastically.

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