The speculation that Bitcoin would be able to overcome the next historic maximum proved to be faster than anticipated. On Thursday morning, October 12th, the most popular of the cryptocurrencies crossed the $ 5,000 level, drawing new historic high.
Will there be a double top?
In the morning market review, we reported the BTC/USD is close to historic maximum, which was finally achieved with high dynamics. Dynamic bids on Bitstamp boosted the price above a round psychological ceiling, stopping just above 5059.00 (10:15 am). Below is a picture of the situation on the five-minute chart:
Although the move undoubtedly pleased the cryptocurrencies market and speculators counting on further appreciation of Bitcoin, voices prompted the possibility of forming a potential double top (along with the top from the beginning of September, when the price was also short to the next milestone).
Do we expect a stronger correction (even in the direction of $ 3,000)? At this point it is hard to predict how the price will keep going. Everything may depend on the closing of Thursday session. If the D1 candle closes above the round $ 5,000, then there is a potential chance of re-testing the level from the top and further bullish rebound. Reaching the top in early September will be a sign that the bears are prepared for counterfeiting.
In 2017 alone, BTC gained about 370%. In the third quarter, the appreciation has already exceeded 70%. Markets speculated that a decision on SegWit2x could be crucial for Bitcoin. Thursday’s defeat of the $ 5,000 ceiling for many turned out to be a pleasant surprise.