Bitcoin has had a tumultuous week, with the cryptocurrency fluctuating between bullish highs and bearish lows. The cryptocurrency opened the previous week comfortably above the $12,000 mark. However, at press time, the world’s largest digital asset was struggling to stay above the $11,000 mark after an eight percent drop.
Despite the fall in value, many analysts and proponents in the cryptocurrency field have stated that the asset was still performing much better than expected in previous projections. This was thanks to a month-end close that saw the king coin beating mainstream assets like the S&P 500 and Nasdaq in terms of returns.
Josh Rager, a popular cryptocurrency trader and analyst, tweeted,
“$BTC Monthly close looks good Weekly close looks ugly, you’ll likely see this shooting star type of doji all over CT Which typically is a signal for reversal & we could see a couple of down weeks for Bitcoin But be happy as that would mean prime buying opportunities ahead.”
Looking at previous closes, Bitcoin closed at $8574.5 on May 31, a lowly number compared to the $10,799.01 of June 30. The month-on-month improvement in Bitcoin’s price has been seen as a positive factor for the cryptocurrency which struggled under the bear’s pressure at the turn of the new year. Six months into 2019, and the ‘digital gold’ has grown at a rate of 200 percent and according to analysts, may shoot up even more.
According to Rager, the weekly close signified a small bump in the road for Bitcoin after a spectacular start in June. The analyst stated that the next few weeks might see Bitcoin drop in value a bit more, but that this was en-route to a bigger and better bull run. This was a sentiment previously shared by Anthony Pompliano too. The CEO and Founder of Morgan Creek Digital Capital had predicted that the world’s largest cryptocurrency would witness some falls in the short term. In the long term however, Bitcoin has the chance to hit peaks of even $100,000, he said.
At press time, Bitcoin was trading at $10,951 with a total market cap that had fallen below the esteemed $200 billion mark, holding at $194.842 billion. The cryptocurrency had a 24-hour market volume of $28.893 billion, a majority of which was conducted on Binance and Coinbene.