Bitcoin price momentum is testing the $12,000 price level after the recent ups and downs when the price reached as low as $9,700. The price is demonstrating a four percent gain against the US dollar so we take a closer look in the analysis in the coming altcoin news below.
According to the financial analyst Holger Zschaepitz at Welt, the price of the number one cryptocurrency has resembled the one of the gold since 2018. He noted:
“Bitcoin gaining traction as store-of-value and digital gold in this crazy politicized Central Bank world w/negative or lower for longer low rates. Digital currency passes digital divide toward Gold. Both assets reached key thresholds in Jun, $10k & $1,400, now trade in tandem.’’
In 2018 during the trade war between China and the United States when things got worse, the value of gold dropped against the US dollar below the $1,000 price point. Similarly, Bitcoin also saw most of the gains during the 2017 bull market getting erased in the first half of 2018 in the 16-month brutal correction period. Some of the investors such as Chris Burniske and the ARK Invest CEO Cathie Wood, suggested previously that the bitcoin price will crash in late 2018 because many investors started laying off liquid assets. Burniske said:
‘’Cathie Wood pointed out to me that in December 2018, bitcoin was maybe more affected by the global macro scare than people realized. In such a scare, people sell their most experimental assets, such as bitcoin, and other crypto assets, exacerbated by endogenous doubt.’’
Due to the bitcoin price momentum and the appetite for high-risk traders and investments, the entire market has performed well over the past few months. Only last week, the bitcoin price experienced a 30 percent pullback and the technical analyst opened the possibility for an even bigger drop considering the magnitude of the near term drop. The largest cryptocurrency recovered very quickly over the past 48 hours which was a surprise for many investors.
As noted in the latest cryptocurrency news, the bitcoin futures market of CME reached a new high level at the end of June with a 30 percent surge. Gareth MacLeod from Gryphon Labs stated that the traders in the traditional finance industry are more optimistic now after Libra’s whitepaper was released:
“It’s most likely traders in the traditional finance industry using CME to take a long position off of news about Libra.’’
Alex Kruger Believes Bitcoin Price Will Reach $50,000 By 2021
‘’Bigger picture, the upside is IMO considerably larger than the downside. Think $BTC will eventually break through $20K, in 2020 or 2021, and once it does, it should trade $30K, $40K and $50K fast. Must be long for when that happens, and enjoy the ride as others FOMO in.’’Currently, the price of the number one crypto assets is under resistance in the region above the $10,000 level and has settled in a range between $9,000 and $12,000. Kruger also noted the possibility of bitcoin dropping to $8,500 which is the midway point of the current performances for the year. Some other commentators stated that one of the reasons for the bitcoin retracement could be the CME futures gap. For Alex Kruger, filing the CME gaps is not a mere pointing to the absence of significant support or resistance as such price levels. The focus on the unfilled gapes just takes away from the never-ending trading activities occurring in the spot market. However, if bitcoin goes below the $9,000 price point, there is a chance of a huge fall to the $8,500 price mark. According to Kruger however, any further downward slide should be taken as a ‘’gift’’ or a buying opportunity which will help traders prepare for a fast upward movement beyond the current 2019 highs. While the signs all point for a bullish long-term for Bitcoin, Kruger believes that there are some strong headwinds for BTC. The profitability for miners is still high as long as the price of the number one asset remains positive. It will not be weird for miners to simply HODL not just for profits but revenue to be plugged in to cover the rest of the nodes as explained in the altcoin news previously.
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
What Drives BTC Below $10k This Summer: Analysis
Bitcoin Cash Is A ‘Wounded Animal’ Right Now: Analysts
“Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here,” he said on Twitter.https://twitter.com/CryptoDonAlt/status/1160645331262070790 Nearly all of the altcoin pairs have a potential, however, since the Bitcoin dominance is still so high, Bitcoin Cash is among the altcoins with the most potential, BCH can register gains and on a shorter time frame will apparently test resistance, as a prominent CNBC trader with a handle 'Big Cheds' noted. https://twitter.com/BigCheds/status/1160681244436381696 All in all, Bitcoin Cash is in our latest cryptocurrency news. Even though it is one of those controversial digital assets that often draws a lot of attention, it is also one of the main altcoins which deserves a place in the spotlight.
“BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of its market cap is the product of manipulation that will be impossible to meaningfully sustain," as described by the RT Anchor Max Keiser.https://twitter.com/maxkeiser/status/1160712205849059328
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