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Bitcoin Price Analysis: Is $7000 at Bottom Level?

Bitcoin price has reached at the bottom of $7000 mark, although might turn upon hitting the next resistance levels.

Recently, Bitcoin dropped below the bottom of a symmetrical triangle then balanced back to the mark of $5,750, in the month of June. As of July 20, 2018, BTC price was consolidating at a key resistance level at $7,555 against the USD. However, to avoid the downside situations yet again, it must hold on the ascending level.

Moreover bitcoin has observed several speculations concerning it bottomed or will continue to move higher. At present, it seems to be struggling to make a way for $7,555 and $7,575 resistance levels.

bitcoin price graph

In a recent interview, Barry Silbert speaking about the recent uptick in bitcoin prices are at bottom.

He said;

“I think the bears just kind of ran out of energy, he said, noting that “a lot of institutional money” was looking for an opportunity to get in”.

Further with comparison Silbert explains, the Bitcoin Investment Trust creator and DCG portfolio company, Grayscale Investments: reveals that over 56 percent of $248 million has been invested in GBTC.

Is this a really bottom?

On Thursday, Arthur Hayes cautions about the $7000 mark which is being bottom. He stated that;

“I don’t actually think we’ve seen the worst. I think this is a very strong rally on good volume. We definitely could see 8,000 and 9,000 and maybe just shy of 10,000. We’ve been here before earlier this spring when we rallied from about 5,800 to the high 9,000 level, but didn’t quite crack 10,000. I think a similar action will happen this time. I would like to see us test 5,000 to really see if we put a bottom in it”.

Still many other large investors including billionaire hedge fund investor Peter Thiel and Mike Novogratz expecting a similar run on high level for this year.

At the press time, Bitcoin price trading up at $7,456.92 on Coinmarketcap. However, the market cap of Bitcoin that represents 43.8 percent of $128.3 billion shares of total value.

Image Source: Bitcoin 

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Kerin

Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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