BTC Struggles to Stay Above $10,000 Mark But The Bears Aren’t Ready to Back Out Yet, Is Bitcoin Dead?

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Bitcoin (BTC) price gained over $300 in just ten minutes on July 27 as market struggled to take the largest cryptocurrency back above $10,000. Statistics show BTC/USD leaning towards a significant zone after hitting a local high of $10,179 earlier this Saturday. Unfortunately, the trend did not last long. The Bitcoin price prediction 2019 which was bullish at the beginning of the year isn’t looking so good at this time.

Bitcoin News Today – Bitcoin Price Prediction 2019 – Bitcoin Price Forecast – Bitcoin Users Get Clues Into Future Price Trends

The sudden surge closed a phase of losses for Bitcoin traders and investors, who observed as the pair sank around $9,580 this week. Bitcoin price persists around 4.7% down as against the price it started with last weekend. A trend which a major analyst thinks could switch upside.

Tom Lee, a senior market analyst at Fundstrat Global Advisors, on twitter, highlighted next week’s forecasted interest rate cut in the United States as an influencing determinant for the price of BTC to increase. Preceding weekends have flickered a bearish move, he observed, but this Federal Reserve runs should yield the opposing result if stability comes to the currency.

“So expect Bitcoin to break the pattern this weekend and rise this weekend,” he summarized.

Others were more conservative. Crypto market commentator Josh Rager said he was indifferent about the recent trends of price in BTC as long as Bitcoin traded between $9,690 and $10,586. With the bullish or bearish pointer only happening outside that hallway.

“If you wanted to see a potential scenario for a lower-high & lower-low it would likely top somewhere near the weekly resistance,” he wrote in a Friday social media update.

However, on the twitter account of an analyst PlanB, they accentuated data revealing that the bullish price of Bitcoin corresponds with the lows in mining difficulty.

In a recent report by analyst, miners are going through difficulty to validate blocks of transaction, as the value hits a new high this month. Though Bitcoin’s 2019 price expansion started at a point when the difficulty wore out.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$47,582.00-1.99%

According to the analysis from PlanB about other bullish trend, shows that if the trend continues in the same light, it would send BTC/USD to a plausible rise of $370,000. That figure is in line with another prediction from hedge fund Pantera Capital, the CEO who in an interview predicted that Bitcoin could surge up to $356,000 in 2022.

Cryptocurrency News Today – Crytocurrency Latest Update – Altcoins Fail to Rise

Markets regardless is not looking favorable as regards Altcoins, which were yet to provide conclusive progress as the weekend began. Despite Bitcoin’s massive gains, tokens seemed to only lose value with some little deviations, while lacking the capitalization to renew investor’s interest.

The largest altcoin, Ether (ETH) currently had proceeded fairly by 1.9% to hit $221. The margin that set the currencies apart are 1-2% by the market cap. The overall cryptocurrency market cap stands at $278 billion, which is around $7 billion higher than it was previously. Bitcoin’s total share of that figure also slightly increased – by 0.3% to total 64.7%.

What do you think about the Bitcoin news today and Bitcoin price prediction 2019?

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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