BTC/USD
Bitcoin markets went higher during the trading session on Wednesday, reaching towards the $8200 level, extending to the $8400 level. If we can clear that level, then I think Bitcoin is ready to go to $9000, and then to the $10,000 level. I think that every time we pull back, buyers again come back into this market, trying to take advantage of value. The $6500 level underneath has proven itself to be a bit of a “base” for the market. If we were to roll over and break down through that level, it would wipe out Bitcoin in my estimation. In the meantime, I think we have a lot of volatility ahead of us, but there seems to be value hunting out there.
BTC/JPY
The Bitcoin market also rallied against the Japanese yen, reaching towards the ¥850,000 level, which I think will open the door to the ¥900,000 level. If we can break above that area, then I think the market could go to the ¥1 million level longer term. I believe that short-term pullbacks should be buying opportunity, but I would also recognize that it could be very difficult, and you should probably be cautious about putting too much money into this market initially. I believe that we should continue to see a lot of volatility, but I think that we are trying to form some type of base to go higher. However, it’s not to be easy so I think you should be cautious, and then perhaps try to reach higher levels with small bits and pieces. If we were to break above the ¥1 million level, then we could go to the ¥1.25 million level.