Bitcoin Has Topped Out Says Crypto Analyst – A Correction To $6,000 Is Underway

Undoubtedly, Bitcoin (BTC) is the best cryptocurrency to invest in 2019. Bitcoin (BTC) is the most dominant digital currency in the world, with a dominance of 59% at the time of writing, according to CoinMarketCap. BTC is the first digital currency to emerge in the crypto, and the price of Bitcoin is the largest in the market, no doubt. Bitcoin has also proven itself to be a great investment opportunity over the past years.

The recent Bitcoin price predictions have also attracted many digital asset investors into the crypto space. When Bitcoin (BTC) emerged in the crypto space newly, it encountered a lot of challenges. Many believed it was a scam. However, Bitcoin (BTC) is more than 10 years in the crypto industry, and a lot of firms, organizations, individuals, and even nations have benefited from it and its underlying technology – blockchain.

Recently, the price of Bitcoin (BTC) surged significantly and tested a new yearly high. Bitcoin (BTC) started the year on a very low level. However, since the beginning of this year, the price of Bitcoin (BTC) has increased by more than 80 percent. Last week was indeed a remarkable one in the crypto space, as the price of Bitcoin (BTC) surged over the $7k level – a level which was last seen over six months ago. BTC broke over the short-term Bitcoin price prediction and it looks set to test the $8k level soon.

A Crypto Analyst Believes that Bitcoin Has Topped Out – Will the Price of Bitcoin Plunge or Continue to Rise?

The price of Bitcoin recently surged over the $7,400 level, but it failed to break over the $7,500 level. After encountering a strong hurdle on the upside, the price of Bitcoin (BTC) plunged below the $7,400 level. According to an analyst, if the price of Bitcoin (BTC) fails to break over the $7,400 level, it could plunge back towards the $6k level. He said the chances of bitcoin falling towards the $6,000 level is very high if there is a correction from $7,400.

On the other hand, if the price of Bitcoin (BTC) continues to surge higher, there would be a change in the outlook. Until that happens, the analyst believes that Bitcoin has topped out and there is a clear negative reaction in view. He said that if BTC USD price continues surging and ends the day over the $7,400 mark, it would be very bullish. But if the digital currency ends in the red and closes below the $7,400, it would indicate more downsides in the next couple of days.

Bitcoin Price Analysis – Bitcoin Price Prediction – Bitcoin Price Forecast – Bitcoin News Today – BTC USD Live Price

Based on the current price trend of Bitcoin (BTC), the digital currency doesn’t look like slowing down at the moment. Bitcoin is currently trading in the green, and it might end the day over the $7,400 level, which is the present resistance of the coin. The coin is currently supported at the $7,200 mark.

Bitcoin (BTC) Price Today – BTC / USD

# Name Price24H %
1
bitcoin
Bitcoin(BTC)
$10,308.10
0.175%

At the press time, the price of Bitcoin (BTC) is $7,320 after an increase of about three percent over the past day, according to CoinMarketCap. The current market cap of the digital currency is $128.52 billion. The trading volume of Bitcoin (BTC) over the past twenty-four hours is $28.56 billion.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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