MarketWatch recently reported that 2016 was a strong year for bitcoin and cryptocurrency rose to a two-year high. The technical pattern emerging in the graphs were analyzed by stock analysts. They stated that the price of bitcoins can rise even higher.
This model is known as a "flag" or "pennant", and it can be seen in the chart below:
Marketwatch cites the study by Jonathan Krinsky, chief technical analyst at MKM, said that the market is going to resume a long term upward trend after a period of consolidation. According to the analysis for further strong growth of bitcoin you want the price again reached $775 - $780. This price level has already been shown on June 19 before the referendum in the UK.
Will the price again to reach levels of $ 775-780? Given the strong uncertainties in the global economy, reducing bitcoin mining and other technical factors, with high probability we can expect the next jump of bitcoin. At the moment, all the fundamental data contribute to the growth of cryptocurrency, and if the developers of Bitcoin Core will meet its technical objectives, long-term growth of bitcoins will become a reality.