Holders of bitcoin and cryptocurrency have been waiting since the start of the year for the next Bull Run. They hope that the price returns to or even exceeds $20,000 price per coin as it reached in December last year.
Bitcoin (BTC) Price Today – BTC / USD
Unfortunately, BTC price been stagnant in a downward trend all year long. It has also dragged the other cryptos with it. Bitcoin price is down by close to seventy percent from the peak. The likes of other top currencies such as XRP and Ethereum are down by eighty percent.
Changpeng Zhao’s prediction
The respected CEO of Binance, Changpeng Zhao, has predicted that he expects a bitcoin bull run sooner or later. He made the statement on CNBC’s Crypto Trader program saying,
“Even if I don’t know what will catalyze a bitcoin bull run, I am certain it will happen… Sooner or later, something will trigger it.”
The price of bitcoin has fallen all year, but bulls still believe that there’s a chance of a price surge.
Zhao, often known by CZ, his initials, stated that bitcoin and crypto trading on the world’s largest exchange, Binance, is down by more than ninety percent since January. However, he still feels like the wider market and the company are healthy.
“Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business,”
Bitcoin price analysis
Bitcoin is being traded at $6,456. The digital currency continues to move along the correction. The minimum seen during the weekend didn’t finish the support line so we can expect another attempt to test the bottom. It is also possible for it to update the latest low.
This is indicated the technical indicators. When there is a move from the support area, we can expect rising prices within the designated corridor. There will be a flat within such a wide range as $7,000 – $6,000.
As a part of the prediction for the short term, we can expect a continuation of the corrective price reduction. If there’s a slight increase to the border of the resistance area, the recent highs of $6,481 – $6,470 could be updated, and there may be a retest of $6,363.
There could also be a decrease in the support area. The goal may be the $6,300 level, where a strong support is situated. If there’s a breakdown, a decline to $6,220 is possible.
Alternatively, if there is a consolidation above the $6,500 level, there may be an increase to $6,620 and $6,730.