We are all wondering if Bitcoin will rocket to a higher price soon – and it seems like the analysts are questioning themselves the same question. As the latest cryptocurrency news show, Bitcoin is headed to $10,000 but is moving slowly.
According to Andy Cheung who is the head of operations at the Malta-based crypto exchange OKEx, $20,000 is a “conservative prediction for Bitcoin.” With this Cheung hinted that most of the speculators are less likely to exit their long positions on BTC, indicating that Bitcoin will rocket past this prediction. Knowing that BTC has already rebounded by more than 180% from its low of $3,120 in just 163 days, the outlook is positive.
“$20,000 is a conservative prediction for [the] bitcoin price in 2019, as I said last year. The rally won’t stop here because more institutional investors are coming into the market, and the 2020 halving effect starts to take place. We are thrilled to witness such [a] bullish trend, and I look forward to a new high the bitcoin deserves. Bitcoin is not just a coin but a spirit that hinders the crypto-industry,” Cheung said.
Trying to get them to accept BTC or other cryptocurrency instead of being a Fiat only Cafe :p pic.twitter.com/b7SEJh347E
— Andy Cheung OKEx (@AndyC0125) May 17, 2019
As many best cryptocurrency news sites show, the holding sentiment is also rising. Still, the dynamics surrouding the previous boom are very different from the current one, which is why Bitcoin will rocket as many analysts believe. For example, Q4 2017 saw Bitcoin surging close to 219% which owes to the infamous ICO mania. However, when 90% of those firms failed, a lot of traders sold their Bitcoins which caused the crash by more than 75%.
Diar, which is an international crypto research publication, in February reported that the number of Bitcoin holders – and investors who did not move crypto from their hot and cold wallets – was continuously increasing. The firm was in the altcoin news then, noting that the number of wallets holding anywhere between 100 and 1,000 BTC was declining.
So, Bitcoin will rocket or not – is the question we all have right now.
In another study, Wencer Casares who is the CEO of the Hong Kong-based Bitcoin wallet company Xapo, said that more than 60 million wallets are right now “holding the cryptocurrency.”
“After 10 years of working well without interruption, with more than 60 million holders, adding more than 1 million new holders per month and moving more than $1 billion per day worldwide, [bitcoin] has a good chance of succeeding,” Casares wrote.
Bitcoin Ignores Correction Calls: Where Is BTC Headed?
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
Bitcoin 2019 Price Run Was Driven By Real Transaction Growth: Analyst
Bitcoin Is Vulnerable, Mayor Buying Zone Is Below $6,800: Analyst
“$BTC still vulnerable. Longs once above $7900-$8000 (higher) or on panic flushes (lower). Next support: 7600-7435, 7200, 6800, 6400. 6800 is major, determined by all three price action, moving averages (50DMA) and fibs (Dec lows to 2019 highs). 6400 is the bull market level.”https://twitter.com/krugermacro/status/1136286134403764225 A new retracement to the 50 day moving average is pretty much exactly at $6,800. Since Bitcoin is vulnerable, this will likely serve as a buying zone, Kruger added:
“I see the 6800-6200 area as a gigantic buying area. I do not know if price will drop there. I know what I’ll do if price drops there.”Another fellow trader named Josh Rager commented that Bitcoin is condensing regarding its price range - which may lead to another volatile move very soon. The crypto trader 'Moon Overlord' also stands on the side saying that Bitcoin is vulnerable. He echoed his sentiment adding a chart which depicts the previous big corrections, stating:
“If you think #bitcoin is in a bull market and are looking to buy the dip, look to the previous run for templates. The largest dip was barely -40%, most are in the -30%’s. A -30/-40 % dip from here coincidentally lines up with the strongest support in the high 5000’s low 6000’s.”https://twitter.com/MoonOverlord/status/1136250450615947265 It seems like Bitcoin is also gaining a negative traction in the latest altcoin news. As we can see, many altcoins are in the red and following the moves of BTC.
Bitcoin Goes Below $8,000 Overnight: What Is The Reason?
“About 20-30 mins before the dump, a whale moved 25k BTC (worth $215M) to Coinbase. About an hour after the dump, a whale moved 14k BTC (worth $112M) from Coinbase to another wallet.”In the coming altcoin news, we can see that the situation is largely affected by the dominant cryptocurrency. As Bitcoin visits lower levels, altcoins are following too. The big sell order may have triggered even altcoin sales - and the market cap of $253 billion is solid proof for that. What's fascinating is the fact that the only gainer in the altcoin news is Bitcoin SV (BSV) which managed to sustain the momentum and stay at $222 which is its price at press time. Besides it, the entire top 40 list is in a sea of red. The cryptocurrency analyst Josh Rager follows as Bitcoin goes to decline even more. This morning, he wrote:
"Bitcoin continues to push down quite aggressively and would like to see a move above $7824 and hold Eyeing that previous CME futures gap that wasn’t explored at $7175 If Bulls don’t step in, I believe the price is heading that way."On the question if Bitcoin will recover, he said that this may be a short term relief that can last hours or days before another push to retest the Bitcoin price action occurs. Similarly, other traders have emphasized that $8,200 is a crucial level that Bitcoin must sustain right now.
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