Bitcoin Price Analysis: Bulls Eyeing Fresh Increase
Recently, Bitcoin price showcased a massive flood of buying pressure that enabled it to overcome its previous resistance levels, reaching $9,000. Since then, the BTC bulls were not capable to push it to a very high level of $10,000, which could indicate that it will face higher short-term selling pressure.
According to Coinmarketcap, Bitcoin Current statistics are as follows :
Bitcoin Price $9,302.48 USD
Market Cap $165,299,335,698 USD
24 Hour Volume $16,028,493,794 USD
Bitcoin ROI 6,775.45%
Meanwhile, after surging from a minimum of $7,450 for several weeks to reach $9,400, the bulls cooled down. Since then, BTC has remained quite stable, hovering between $9,000 and $9,300. Although, according to 24-hr time frame, Bitcoin is showing a slow pace in its price gains in the last 24 hours, but it has managed to keep its price above $9,000.
Technical Analysis
According to technical analysis Bitcoin price is currently trading in a triangle pattern, marked by a narrower and narrower range. With the decrease in volume, a break is increasingly likely. Moreover, it seems that the break of $9,400 might lead bitcoin price to reach a next resistance level of $9,800, $9,900 and $10,000.
- The Relative Strength indicator has turned bullish on the one-hour time frame which is above 60 levels.
- The MACD indicator has turned bullish on the one-hour time frame and continues to issue a buy signal.
- The Parabolic SAR markers were below the candles and showcased a bearish market.
- The Chaikin Money Flow is indicating a Bullish Trend. Showcasing continuous Buying Pressure, rising prices coinciding with CMF values above 0.
- The Bollinger Band is showing converging volatility in the market.
- The Awesome Oscillator showed a bullish buying opportunity or short-term momentum in the market.
Expert Prediction
While the whole crypto ecosystem is eagerly waiting for BTC price to reach $10,000. According to few analysts Bitcoin will easily surpass $15,000 if it gets $10,000.
- Co-founder of Gemini exchange, Tyler Winklevoss, claim that if BTC price reaches $10,000, it will act as a key level that could fling the cryptocurrency even higher. He thinks it could shoot further to reach $15,000 if it can break through the $10,000 point.
- The Managing Partner and the Head of Research at Fundstrat Global Tom Lee makes a bold statement about the leading crypto currency by market cap, and believes that the digital asset will trade between $20,000 and $40,000 by 2019.
- Fundstrat co-founder and head of research Thomas Lee, is extremely optimistic about where bitcoin is heading. He predicts that bitcoin price could surge 200% to 400% once it breaks past the FOMO level of $10,000, indicating that the digital currency could quadruple in a few months.
