The bitcoin price jumped today (Sunday) by more than 7 percent against the US dollar following the bullish price predictions for 2019 and this is why we take a look at the price analysis in the bitcoin news of today.
The BTC to USD rates established an intraday peak at $4,085 before undergoing a slight correction action to $4,051. However, the pair made huge efforts to go past the $4,000 price point since December 2018 but the strong selling sentiment rejected the action on multiple occasions. Today is the first day where Bitcoin came close to testing the $4,240 higher level.
Florida-based financial agency Weiss Ratings said that there is a huge chance for people to treat bitcoin as a store of value in 2019:
“No other asset provides that combination of properties. And consequently, no other asset can currently compete with bitcoin as a store of value. Result: bitcoin is on its way to becoming a veritable digital gold.”
This upside action can lead bitcoin to exit the bear market on a profitable note and will also allow for the number one cryptocurrency to create new parameters. Bitcoin should hold the $4,000 pullbacks attempts but could increase up to $4,244 to stop the bullish attempts of the interim resistance.
A breakout above $4,244 will start a new long position for bitcoin towards $4,430 and analysts are looking for a potential downside correction that will stabilize the movement. When that happens investors are hoping for a short-order towards 200-period moving average.
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