Over the past 24 hours, the Bitcoin news section of our website showed that the most dominant cryptocurrency managed to retrace its value and go from $4,000 to $4,500, rising 12% in what many saw as a last attempt to recover from the downward trend.
After two weeks of massive selling action, Bitcoin surged as much as 7% initially – establishing an intraday high of $4,645. Later on, the price consolidated above $4,500 which is where it still stands.
As experts say, the chances of a further bull correction are slim – mostly because of the trading activity at BitMEX. The derivatives platform currently dominates the Bitcoin trading volume and has so far processed around $5.3 billion worth of trades. In short, the action shows that traders are willing to short their Bitcoins in the future markets which could lead to an extension of the current downward trend.
As Bitcoin consolidates, many believe that it could test the $5,000 level in a new recovery. Similarly, a bounce back from the support could also lead Bitcoin to the $4,000 price margin or easily below it. However, the $65 billion that was wiped from the crypto market certainly allowed Bitcoin to take a beating – and as we said – any chances of a recovery are slim now.
As always, our advice is to trade safely and monitor the price action on our DC Forecasts Bitcoin news site!
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Bitcoin Will Triple And Surpass $20,000 By 2021: Mike Novogratz
“Out of the rubble, bitcoin has popped back up. It would take something like that to shatter this newfound confidence.”Since the start of 2019, Bitcoin increased by 65 percent and still continues to recover from the harsh bear market. Most of the gains happened between April and May 2019 when the largest cryptocurrency increased by 50 percent. According to the Bitcoin Bull, BTC going strong and it would take a serious event to crush its recent surge. Following the latest cryptocurrency news, the bitcoin price was not affected by the recent happenings. The Galaxy Digital CEO is not the only one that is bullish about bitcoin. Multiple analysts have been rooting for a bitcoin bull run. Experts notice the improved technical fundamentals of the currency and claim an impending price surge. Another popular bitcoin trader Peter Brandt who predicted the 80 percent crash in 2018, predicted that BTC is setting up for another massive growth similar to the one in 2017. Other enthusiasts say that the surge in interest for bitcoin will lead to another bullish cycle as well. Sources from Fidelity Investments say that the company will debut Bitcoin trading to institutional clients and this is another key indicator that the interest for bitcoin is growing. Fidelity could also be joining BTC trading providers such as TD Ameritrade and E-Trade. Bakkt is also working hard to get approval from the U.S Commodity Futures Trading Commission.
New Bitcoin 2019 High Surpasses The $5,900 Price Point: Analysis
“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.’’The analysis that Woo conducted can be attributed to his calculation of fundamental factors but also the technical factors in order to better evaluate the market. He later said that Bitcoin will likely hit a new bottom at $3,150 because of the Bitcoin Network Momentum and the technical indicators at that time as it was reported in the latest cryptocurrency news. In the next couple of weeks, the analysts believe that Bitcoin will undergo a consolidation period and will stabilize. Some traders are waiting to see whether the dominant cryptocurrency will retest some of the supporting levels below $5,000. The increase in interest in bitcoin which led to the new 2019 high, comes after Bloomberg reported that Fidelity will launch a crypto trading service soon.
Bitcoin Analysts Are Cautious As BTC Corrects Below $5,800
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