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will the rally of bitcoin price continue?

There is many good news relating bitcoin showing up in the media press from time to time, like new announcements of startups, new services, merchants accepting bitcoin, the improvement of bitcoin security and utility etc. But we rarely have seen the price increases corresponding to those news. Now the price is realistically increasing! Even the Economist puts bitcoin’s logo on the cover of this week’s edition. Check the below picture. What shall we do, buy it or dump it?

economist blockchain technology

Increasing price

Bitcoin price has been steady increasing in recent days and reached to the highest level to $317 since 16 July, 2015. The trading volume reached to 1.67M BTC at 29/10/2015. It broke out of the $200-$300 range, indicating the further uptrend based on the technical analysis used in traditional financial trading. These types of indicators are specially fascinated by the speculators. You could check the below chart. Even the number of the daily registered member in is increasing.  People are getting more interested at

bitcoin price rally

Halving in 2016

The approaching Bitcoin halving will happen around 07-25-2016 (ETA date) according to There is still 38 weeks and 3 days to go. The block reward will decrease from 25 to 12.5.This will dramatically reduce the speed of supply. Many people are speculating the bitcoin price will skyrocket before that date, just like litecoin. The question is that when the day comes. The optimism may think the rally is coming early. But the number of coins is still growing, just no as many as before halving. We still cannot certainly say that the demand will outweigh the supply upon the halving, which is the main reasons of sustaining the increasing price. The bitcion price is quite stable for a long time. I don’t believe the demand will
suddenly increase much in a short period of time, only the speculators are able to push the price and hope to earn a good chunk of profits, just like the situation of litecoin after its halving. Investors need to carefully think about it before putting your hard earned money in.

Chinese’s capital involvement

Today Goldman Sachs published a report about the future of money, the bank points out that 80% of bitcoin volume is now exchanged into and out of Chinese yuan. The second-highest trading currency is the US dollar, followed by smaller denominations in yen and euros. At 2015-10-29 Bitcoin’s daily volume in all exchanges is 1.67 million BTC, but the volume of just BTC/CNY is 1.48 million BTC, over 88% of BTC traded at CNY. Even some rumors are spreading like a few rich Chinese people are currently buying up the Bitcion speculating that their government is going to buy a large chunk of Bitcion to hedge again global inflation. They are pushing up the price to earn a chunk of profits. Do you still remember the situation on 2013 when the bubble burst? At the peak of bubble, Chinese authority was banning the financial institutions involving in bitcoin and imposed many restrictions to bitcoin related activities. Then the price is crashing.

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