Bitcoin News Today – Bitcoin enters the news again as its value continues to rise in the financial market. Bitcoin News Update noted that cryptocurrency analysts praised Bitcoin and assured speculators on the need to own bitcoin tokens as a financial hedge. Financial analysts are predicting that the Bitcoin will become as viable as other assets like gold, Japanese Yen and the Swiss Franc.
Bitcoin News Today – Bitcoin Price Prediction – Bitcoin Is A Strong Financial Hedge
This comes in line with the fact that Bitcoin BTC has reached over $12,000 in the market. Despite its volatile nature, Bitcoin BTC has continued to top the cryptocurrency market with Ethereum trailing second followed by Ripple. With over 300% gain since the start of 2019, Bitcoin rose from $3,200 to hit its all-time high this year of $13,000. Bitcoin BTC still has the potential of coasting past the resistance area of $13,000 as it nears the $14,000 mark.
Bitcoin News Today learned that financial institutions and banks were beginning to see the value of cryptocurrency and that cryptocurrency was being seen as a potential economic hedge. This news comes at a time when the economic stability of the world is threatened by the trade way between The United States and China.
Our Bitcoin price prediction sees the BItcoin trending around $400 daily for the past week. Though the bulls would want the price in the $450 range, there are three resistant levels that have to be surmounted. The levels are the daily retracement level, the hourly Bollinger curve, and the weekly resistance retracement level. The level with the strongest resistance is the 1-day pivot resistance which is at $427.
During a debate with crypto traders, speakers made Bitcoin price predictions and agreed that the rising rate of Bitcoin BTC may not drop. The speakers speculated that the price of Bitcoin BTC may reach the $20,000 mark before the end of the year. Some speakers told Bitcoin News Today that the thought of Bitcoin price reaching $100,000 may not be as far-fetched as some would think.
Bitcoin’s current trading price is a little above $13,000, which is an increase from the last couple of days. The market cap remains close to $230 billion with a 24-hour holding volume of $29 million. Bitcoin BTC currently has a circulating supply of close to 18 million.
Bitcoin (BTC) Price Today – BTC / USD
With unpleasant news from the traditional financial institution and banks, we stated in our Bitcoin news update that people are beginning to understand and appreciate the relevance of crypto trading and cryptocurrency. Bitcoin gains more popularity as banks and financial institution see it as a less costly venture yielding results. Experts agree that the ease in which Bitcoin can be transferred and the fact that Bitcoin can be used to make payments of any size makes it a reasonable alternative to using gold. Another supporting factor in Bitcoin’s favor was the monetary policy of the United States’ central bank. Some believed that the policy reduced the value of the dollar and drove investors into the cryptocurrency market.
Bitcoin may have been volatile in the past but the last few weeks have seen it steady. The market statistics for BTC look promising. As the price of Bitcoin BTC continues to rise, speculators and financial analysts hope that the coin will reach new heights.