Bitcoin price bounce-back seen as the next step before hitting the $20,000 mark

  • 05 July 2019, Friday, 14:30

Bitcoin’s performance over the past few months has been the talk of the town for quite some time now, because of the cryptocurrency’s price hike. The world’s largest cryptocurrency recorded an increase in value of over 200 percent, lifting Bitcoin’s price from the $3000- $4000 range to the current $10,000- $12,000 range.

In recent analysis by CNBC, the panelists touched upon Bitcoin’s ascendancy, as well as its predicted future. It was opined that the lows of Bitcoin in December 2018 were ‘important lows’ as it defined the structure of BTC’s climb. The current run-up was seen as a gradual climb in prices, after the consolidation in September, followed by the bear crash in November and December.

According to the panel, Bitcoin’s performance this year formed a proper trend line and the recent fall in price ensured that the digital asset stuck to the pattern on the trend line. Bitcoin recently fell by 4 percent to fall below the $11,000 mark. The asset fell by $1000 in a matter of 9 hours, with a downtrend at $10,700. The analysis concluded by stating that there will be price bounce-back soon, and that would mean BTC would rise in value again.

CNBC also added that the previous consolidation was an opportunity for investors to go long on Bitcoin holdings and “if people are not holding any, they should really start.” The discussion further focused on how Bitcoin’s previous consolidation point was hated and how the symmetrical recovery was a reason for the community to rejoice.

Bitcoin’s movement in the $10,000-$12,000 range was seen as a sign of the cryptocurrency’s pullback, a phenomenon considered important in the financial world. Bitcoin’s rally has been so significant that a recent LongHash report stated that since April 1, small-cap altcoins have been down by over 54 percent, when compared to Bitcoin.