Guest Post

Bitcoin Price Shoots Up Giving Hopes To A Long Term Bull Scenario

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Bitcoin price has shot up in the last couple of days and yesterday (Friday, July 23) the value was hanging at $33,676.20.

It was hanging in a sharp downslope from $44K this month. This subtle bull market has been attributed to the fundamental volatility of the cryptos.

Not only Bitcoin but other top cryptocurrencies climbed up the graph in the last three days too. Wednesday saw a big increase in cryptocurrency prices above $30,000.

This is a great and positive recovery from the prolonged slump all week. Big time to hold on to your coins and not to impulsive sell them because we are seeing an uphill trend here.

It turns out that people are not that willing to spend their Bitcoins. As noted, there has been a drop in crypto payments by its most powerful holders like AT&T and Microsoft. 

Bitcoin Price: Elon Musk And An Event

Quite habitually, Bitcoin’s price spins through the precious words of the Tesla CEO, Elon Musk.

There have been only a few instances without the involvement of Musk for the price value of the world’s largest crypto.

Elon Musk said in “The B Word” conference that Tesla is “most likely” to restart accepting Bitcoin payments.

He was also recorded saying that Tesla might stop accepting the coin for the same. This whale action by business tycoons is both a boon and a bane for other crypto holders.

This recent pump in the last one day is likely caused by “The B Word” conference. 

“The B Word”, was an event that was held on June 21 and focused on Bitcoin and other cryptos.

The agenda was to make crypto understandable, easy and to burst the stigmas and myths in the mainstream talks about Bitcoin.

The event explained how businesses can make use of crypto and raised awareness on networks that need support.

The event in addition to Elon Musk had Jack Dorsey, CEO of Twitter and Square, and Cathie Woods, the CEO of Arc Invest. 

I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 percent and that there is a trend towards increasing that number, and if so Tesla would resume accepting Bitcoin,” Musk added. 

Bitcoin Price Over The Last Week

Bitcoin price has climbed over 9 percent while ETH has risen over 11 percent.

On June 21, (Thursday), Bitcoin was listed above $32,000, which was a high of over 4 percent from its bull slump. Meanwhile, ETH came closer to $2000, which was a 6 percent increase.

Not only these two but XRP, Cardano, Stellar, Dogecoin, Uniswap, Litecoin, Polkadot and Chainlink also rose in the sudden bull market at the same time. 

Tuesday (July 20) saw a notable increase in the selling rate for Bitcoin after the price sank below $30,000 for the first time since June.

Bitcoin was valued at $65,000 in April and the value almost became half in the following months. This intense volatility is quite unexplainable.

Experts are not certain about the cause behind the current price increase, despite that many claim that this is just a small bounce from the continued downtime and that it is going to go further southward from here on. 

Bitcoin Price Predictions

The current levels of prices that the coin briefly stood are actually really important in the immediate short term for Bitcoin to get above.

If the break above this level is confirmed then that can come out really as bullish in the short term. The level that must be broken is coming around $32.8K.

The graph currently has a descending slope so the changes in prices are only making a difference slowly. The level from $32.6K to $32.8K is important as it forms the golden pocket in the Fibonacci retracement.

So, if these levels are broken with confirmation then a spike or surge in volume will help Bitcoin to continue going up.

If the current high in the trend is confirmed and if it continues, then the coin can break the point of resistance which is around $34.5K and which has seen resistance previously.

The next point of resistance comes at around $36.5K.

If the immediate resistance at these levels continues then the price should come down to at least $31K to $30K.

Trends over time have proven that there are a lot of buyers at the $3K mark. 

To know more about price updates of Bitcoin, visit: https://www.bitcoinkoers.org/

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Guest Author

Crypto Journalist and Editor of guest articles in CoinPedia. Also, Outreach & Partnerships Manager. Contact me: [email protected]

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