The Bitcoin (EXANTE: Bitcoin) exchange rate to US dollar is well bid above the $4,000 mark on Wednesday, Fortune reports.
The cryptocurrency that powers the world's largest blockchain is trading at $4,070, up 3% on the day. On a monthly basis, though, it is still nursing 6% loss.
Multiple sources point to $4100 as a gateway to considerably higher upside activity for Bitcoin, after its price exited a downward trend at $3900.
The previously forecast $3600 low forms a floor of a sector with $4100 at the top, which analyst Tone Vays says investors should “stay away” from.
Tightening #Bitcoin NO Trade Zone to $3,600 - $4,100... if you don't have any Statistical Advantage of Long vs Short, just stay away $BTCUSD pic.twitter.com/AT6M5IADfP
— Tone Vays [#NO2X] (@ToneVays) September 26, 2017
Other analysts meanwhile are producing price targets of between $5000 and $6000 in the short term, with one chart even describing Bitcoin’s potential upside as “infinity.”
$BTC upside basically infinity lol pic.twitter.com/TamFjH8YeH
— #6kMoku (@CarpeNoctom) September 27, 2017
The total cryptocurrency market cap is now back above $140 bln - approximately a 50% recovery towards earlier highs of over $170 bln.