The highest price of Bitcoin was near $20,000. BTC was able to move this high during the December 2017 to January 2018 bull market that took the total market capitalization of cryptocurrencies as high as $800 billion. However, the cryptocurrency winter started and the price of Bitcoin started falling. Ahead of the Bitcoin halving, in light of Bitcoin ETF news, the Tom Lee Bitcoin price prediction and the Tim Draper Bitcoin price prediction, BTC has started recovering against the USD. The Bitcoin price prediction 2019 is now bullish. People have stopped predicting a price decline and started predicting a price surge.
Bitcoin Price Prediction 2019: Will Bitcoin Recover?
Short-term, the price of Bitcoin hasn’t found strong bullish pressure. Long-term, the case is different. BTC is no longer bearish long-term. Right now, the price of Bitcoin is caught in an ascending triangle. This is why the latest Bitcoin price prediction 2019 from an expert in BTC price analysis has predicted an upward break.
Bitcoin (BTC) Price Today – BTC / USD
Ever since the price of Bitcoin broke the support at $4,000, it has been able to maintain this level despite a few attempts to move lower. The $4,000 support is currently strong and BTC is advancing toward $4,100. If it is able to cross this resistance, the next resistance will be at $4,200 and this is going to lead to a major Bitcoin bull rally according to analysts. The $4,000 to $4,100 resistance will break soon confirming the end of the 15-month long cryptocurrency winter and the beginning of a bullish rally.
Typically, the trading volume of Bitcoin is lower during the weekends compared to weekdays. This makes the entire cryptocurrency market subject to volatility. So, there is a 50-50 chance that the price of BTC will either break above the $4,100 level of fall below the $4,000. This may happen before the end of today. At the time of writing, BTC was trading at $4,018.81. This means that it is down by 0.55% against the USD. The market capitalization is $70,759,965,610 and the trading volume is $8,946,992,385.
Galaxy, A Cryptocurrency Analysis Suggests That Bitcoin Will Cross $5,500
It’s true that BTC is currently trading in red. However, we cannot ignore the fact that it is approaching the end of the ascending triangle and preparing for a breakout. As soon as the BTC price breaks out of the triangle, the bulls will take full control of the market. Galaxy, a cryptocurrency analysis, has made reference to Bulkowski’s Bitcoin price prediction 2019. According to the post on Twitter, when there is a breakout of an ascending triangle, the price of a token will surge by 35% to 60% against the USD. The tweet was as follows;
“According to Bulkowski’s study, more than 60% of ascending triangles with declining volume end up breaking upwards…with an average price rise of 35%. That gives us a target of $5500 BTC once the breakout is confirmed.”
It’s not clear when Bitcoin will break out of this triangle but it’s going to happen soon. Traders have already started accumulating BTC as they await the imminent Bitcoin bull rally.
What do you think about the latest Bitcoin price prediction 2019? Will Bitcoin recover? Share your thoughts in the comment section.