Price Analysis

BTC Price Reaches 5 Digit Against USD Twice in 7 Months. Here’s How?

There is a constant uproar in the crypto industry since the time Bitcoin Price raised above $10,000 against USD last August. The crypto king BTC price has once again managed to cross the $10k barrier. Isn’t it exciting? Let’s see how the Bitcoin has fared since its last High point.

BTC Price Analysis –

The widely accepted crypto is trading at $10,303 against USD. Talking about its position, Bitcoin has been enjoying the top position since its inception. As of writing, BTC is up by 5.61% with a 24hr volume reaching $39,452,733,427 USD. The current market cap of BTC has reached to $187,701,937,867 USD with a circulating supply of 18,213,012 BTC. These numbers are looking good for BTC as the crypto is gaining positive momentum since the last few days.

BTC Price Chart Analysis –

Bitcoin, also known as Face of Crypto, has been enjoying the bullish sentiment since the dawn of 2020. Jan 3rd was a bit of laid-back in terms of Bitcoin price as BTC had dropped down to $6,972. Since then, there is a steady growth in the price.

Coming to its High point, BTC price saw a sudden rise in July 2019, treading up to $12,943 USD. But unfavorable conditions caused Bitcoin price to dropdown. Bitcoin had reached to a point of no return where many analysts had walked back on their own predictions. One of the major instances is John McAfee’s backdown from his 1 million USD BTC price.

BTC price 12-11

However, looking at the current growth rate, BTC has gained a steep spike on Tuesday 11th Feb 2019. This is the second high point since the 2017 breakout. The Bitcoin price rose from $9843 to $10,168 within an hour.

Factors Propelling Bitcoin Price

US Fed Confirms investing in Crypto –

The Bitcoin price skyrocketed when US Federal Reserve Chairman Jerome Powell stated that the US may invest a significant amount in crypto. He also stressed on how BTC and other cryptos will be a systemic risk to the USD. The Tuesday declaration amounted to push BTC price to the present state. Many Bitcoin maximalists started tweeting and spreading this news. As a result, BTC easily reached the $10k barrier.

PlusToken Ponzi Scheme Moves $123M in Bitcoin –

Another reason behind the Bitcoin price increase is that around 12,000 BTC were moved from a PlusToken wallet. Twitter bot, WhaleAlert brought this to everyone’s notice.

Bitfinex Maintenance –

The crypto exchange Bitfinex had a scheduled maintenance on Tuesday. However, the maintenance was stopped as Bitcoin price crossed $10,000. Investors fear manipulation on the Bitfinex side and since then BTC is changing hands at a fast pace.

What Crypto Analysts have to say about Bitcoin’s near future?

  • Analyst Joe Saz has predicted Bitcoin to rally up to $300,000 in an interview with BlockTV. He further adds that Bitcoin will experience a bull run and see a low of $14,500 in April 2020.
  • Davethewave twitter handle claims that Bitcoin will reach $11k before a pullback.
  • Also, prominent cryptocurrency trader Filb Filb predicts
    “Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach at least $12,500 level before the halving.”

Overall, Bitcoin is enjoying the limelight from a few days. The google searches have soared since the recent price rise. It will be interesting to see how BTC fares in the coming days.

What do you feel, will BTC continue with the uptrend or it will crash? Let us know your comments on our Facebook and Twitter pages.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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