Bitcoin's Price Keeps Rising, But Can he reach $6,000 ?

Bitcoin hit a new record high of $5,856 on CoinDesk's Bitcoin Price Index this morning, but the question everyone will be asking is, can the rally continue?

At press time, bitcoin is trading at $5,610 levels, as per CoinMarketCap data. Bitcoin's week-on-week performance of over 28 percent (up more than $1,200,) is double S&P's year-to-date gains of 14 percent.

Further, the cryptocurrency is up 96 percent from its Sept. 15 low of $2,980, and, on a year-to-date basis, is up almost 500 percent.

Following a rally of such astonishing proportions, it would be quite logical to assume bitcoin prices will trade sideways, or witness a healthy pull-back in the short run

The price action analysis indicates that bitcoin could find a short-term top in the range of $5,800-$6,000.

A short-term consolidation around $5,800 or brief spike to $6,000 followed by a short-term pull back to $5,000-$5,300 looks more likely.

Source : CoinDesk