In less than 24 hours after BTC broke the $10K barrier, the phenomenal digital currency tested the $11K waters for a short period of time then came back down to its previous range.

Time To Scrape Off for Profit?

Previous rise of the price of Bitcoin of $1K took about a week or so to realize and according to Cramer of CNBC, the quick attempt to get past $11K is simply "parabolic" and that it is a signal to profit from it.

PHOTO CREDIT: TYPEBOARD.COM

Time To Celebrate?

Oh, I would love to!

Parabolic Didn't Mean Much

However, this issue of Bitcoin being parabolic has been argued by Art Cashin, a veteran trader and a floor director at the NYSE, even before BTC broke the $10K level. And, boy, he is dead wrong. Well, he is also right on a different perspective because the price did not last at $9,700 something. It changed pace and landed its feet on the $10K.

Relentless and Determined

As of this writing, bitcoin is again trying to dip its toes into the $11K waters and wade through it carrying $10,800 and change. There is no denying that bitcoin has weathered so many storms and successfully positioned itself where it is now. And many believe that the premier digital currency will reach $40,000 by the end of 2018.

Holding On To My Prediction

I will hold my ground on the prediction I made in my recent post that BTC will be $15K by the end of 2017. This, of course, will strongly depend on the supporters of the digital currency like CME and Square to hold the end of their bargains. A hint of doubt from any of these companies will provide a reason for the bitcoin price to perform a nosedive as quickly as it climbed.

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