For 72 straight hours, the price of Bitcoin (BTC) was trading higher against the USD. BTC was heading to the moon and it carried the entire cryptocurrency market along with it. It moved from $4200 to about $5300. As expected, this was followed by a price correction that is still ongoing. Even if the price of Bitcoin is currently pulling lower against the USD, the Bitcoin price prediction 2019 is still positive and traders are still optimistic. In the Twitter cryptocurrency community, traders have offered positive Bitcoin price forecast irrespective of the current Bitcoin pullback. They believe that the Bitcoin news is full of fundamentals and technicals that will cause a rise in the price of BTC in another epic Bitcoin bull run.
Bitcoin Price Prediction 2019 – Bitcoin Bull Run – Traders Remain Hopeful That The Price Of Bitcoin Will Spike
At the time of writing, the price of Bitcoin was $5,003.70. It was correcting higher against the USD and after trading in red for a while. BTC is up by 0.17% against the USD. The trading volume over a 24 hour period is $17,774,720,988 and the market capitalization is $88,209,566,909. This shows that the price of Bitcoin has reclaimed the support at $5000. However, it is important that the price of Bitcoin, surges higher to strengthen this new found support against the USD. This morning, the $5000 level went from being support to being resistance. Thankfully, it is back to being the support level.
The head of research at Adaptive Capital, David Puell, using an NVT signal (NVTS), said that Bitcoin has bottomed out and a new cycle is about to resume. The indicator also revealed that the Bitcoin blockchain is recording more activity. According to Puell, the correct price action of Bitcoin is similar to the Bitcoin price action in 2015. This was a recovery period that followed a bear market at the time. So, if history is to repeat itself, the price of Bitcoin may be entering into a full recovery and a complete bullish market in a new cycle. In his words;
“$BTC: NVT Signal with brand new @coinmetrics transaction volume data. Tells a much clearer picture of the current state of affairs. Loving it.@woonomic, @MustStopMurad, and I have more on this later.”
Puell said that even if the bear market is over, the price of Bitcoin will most likely plunge to the $3000 level in one last selling pressure before the cycle ends. Some other traders agree with him.
Bitcoin News Tom Lee Bitcoin Price Prediction
Tom Lee has always been bullish about Bitcoin. The latest Tom Lee Bitcoin price prediction 2019 places the price of Bitcoin at $14,000. According to the Fundstart executive, the true value of Bitcoin is $14,000. He said this during his latest interview with CNBC. If the Tom Lee Bitcoin price prediction is to happen, Bitcoin would need incredible bullish momentum in the next few months to reach this level.
What do you think? Will the Tom Lee Bitcoin price prediction become a reality? Will Bitcoin still fall as low as $3000 before the current cycle ends? Share your opinion about the Bitcoin bull run and the Bitcoin news today.