Bitcoin prices made some recovery today and rose by more than ten percent. The digital currency benefitted from support near $3,000 level.
Bitcoin (BTC) Price Today – BTC / USD
According to CoinDesk BTC price data, the cryptocurrency moved to as high as $3,579.81 at 3:45 p.m. EST.
At this price, the currency had appreciated by 11.7% when the day started and 14.7% from its low of 2018 of $3,122.34. This figure was reached on Saturday.
Technical Price Movements
Jon Pearlstone, the publisher of CryptoPatterns, the newsletter, says that these gains were caused by technical developments. He stated:
“After threatening to drop below support at the $3000 level twice, for the first time in two weeks, Bitcoin showed a strong move higher with solid volume.”
The $3,000 price level has provided key support for the digital currency as noted by a senior market analyst at eToro, Mati Greenspan.
“This level acted as a strong resistance during the bull run of 2017, and it took about two months to break it back then,”
The tough times are not over
While BTC’s recent recovery is a positive development for cryptocurrency enthusiasts, the worst is not yet over. Investors still have a long way before determining if the bear market is finally over.
Pearlstone emphasized that as time passes, the market observers should take note that:
“The indicators to watch for now are 1) Follow through — everyone sees today’s buying and increased volume. Are there buyers willing to join the party now and keep the price above $3500? and 2) Hit bullish targets — will buyers join in and take price up to test first level resistance at $4250 or the 2018 trendline currently at the $5000 level?”
He concluded saying that while investors should apply caution, this move is worth watching closely.
Former Bitcoin Cash advocate predicts the crash of BTC
Calvin Ayre predicts the crash of bitcoin. The former advocate of Bitcoin Cash says the flagship cryptocurrency will plunge to zero next year because it has no value. He also believes that Bitcoin cash Satoshi Vision will come in to save the day.
He insists that the price of bitcoin is being deflated deliberately. This is done in a bid to stamp the digital currency out of existence. Ayre didn’t produce any evidence to back up this dubious claim.
In an interview with Express UK, Ayre said,
“I am predicting it to go to zero value [in 2019], as it has no utility… It does not do anything, and they intentionally are anti-scaling.”
The former enthusiast is known for his controversial opinions. He says bitcoiners shouldn’t worry when the bitcoin doomsday comes because Bitcoin SV will be there to take its place. He also says that,
“Bitcoin — the technology and economic model — are alive and well with Bitcoin SV, and it’s going to have an amazing year.”
Bitcoin is a sham: Craig Wright
Despite that fact that BCH is gotten from bitcoin, Ayre still believes that the original digital currency is an impostor and the real bitcoin is Bitcoin SV.
Ayre is supported by his fellow Bitcoin SV advocate, Craig Wright, an Australian crypto entrepreneur. Wright believes that BTC is a sham, stating that “SV is what bitcoin was, and is the only way it works.”