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Bitcoin price has surged to $250 and 1600 CNY in what can only be described as magnificent price action. No other market instrument can do this and it is a unexpected reminder of the speculative potential in Bitcoin!

Bitcoin Price Analysis

Bitfinex 1-Day Chart

Price could achieve the red daily 200MA that has eluded it for months within the coming hours and then a pullback should be expected from $260 / $270. If the current surge was the wave top then we may see price retrace most of the spike to the upside. The depth of the correction will give clues to the next destination of price.

The most likely scenario, going forward, is that (following a pullback) price continues to the highs of earlier this year near $300 and $320.

Alternatively, this may be the first wave of a series of surges and deep pullbacks that successively work their way higher in the chart – toward $300. However, this behavior is not characteristic of Bitcoin’s chart movement, ‘though it would fit with the price patterns of this year so far.

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