Bitcoin Price Analysis: Is Bitcoin on a verge of Diamond Bottom?

BTC Price Analysis: The current bitcoin price at the time of writing is $7,998.79, with a market cap of $144,452,073,962 USD. The 24-hour volume was at $19,291,428,532 and a bearish surge of 24-hour change of 2.26%.

Bitcoin is currently in the 1st position by Market Capitalization based on the Coinmarketcap data. Even if we ignore the statistical data, BTC was, is and will always remain top as per the popularity.

Looking at the 3 month BTC price chart, the crypto has a lot of ups and downs. The BTC slid down to $8098 in September. However, Oct 25th saw a 30% price surge following China’s Blockchain adoption initiative. But the bullish trend could not hold its ground and the price again started to slide down. This crypto is trading at $7,998.79 as of writing.

Bitcoin Price – Is BTC forming a Diamond Bottom?

Bitcoin (BTC) is a widely known cryptocurrency. Naturally, many analysts have their eyes on this particular crypto. One such analyst @themoon has shared an interesting view concerning Bitcoin Price.

If we chart the BTC price from Sept 25 to till date, the graph is on the verge of forming a virtual diamond. From a trader’s point of view, Diamond bottom is a crucial point that can determine the future price. As a result, the twitter handle has analyzed that BTC can swing upwards or downwards. However, he is 70% sure that BTC will rise upwards but he says that BTC might slide down too. The downtrend has a likely 30% chance.

BTC Twitter Sentiments

Another analyst handle, the skew has noted the last 2 years BTC trend on twitter. He believes that Twitter sentiments or in that matter, any social media sentiments hold great value for crypto to gain/lose popularity. As per his views, the Bitcoin sentiment has slid down considerably on Twitter as there are fewer tweets related to BTC.

He feels that Bitcoin has fallen out of people’s mind at least on social media. This is not a piece of good news for this crypto. With twitter gone silent on BTC, Bitcoin prices may slide down further.

Based on this analysis, what do you feel? Will John McAfee’s Bullish $1 million Bitcoin price come true by 2020? Let us know on our Twitter and Facebook pages.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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