Analysts Remain Bullish on BTC Amidst 33% Price Correction, What Does This Say About the Flagship Cryptocurrency?

Bitcoin News Today – According to Cointelegraph in Bitcoin price analysis, the coin dropped by another 8% on Saturday. Skeptics believe the hope for a new all-time high for the coin is no longer feasible. Regardless of these events, market analysts remain Bullish over the price of Bitcoin amidst a 33% price correction. What hope is there for Bitcoin? Are the bulls finally out of the game?

Bitcoin News Today – Bitcoin Price Prediction 2019 – Bitcoin Price Analysis – Bitcoin Slides Downward By 33%

Unless you are a Bear, you may not have been satisfied with Bitcoin’s recent performance in the crypto market. The number one crypto is currently down by 32% from a 2019 high of $13,739 and the short term price performance of the coin has stayed extremely bearish, according to Cointelegraph. Over the past two weeks, the coin formed an M-top at $13,739 and $13,177; dropping to the neckline at around $9,600. Majority of traders in the crypto market are upbeat about Bitcoin retracing to the 61.8% and 50% Fib Retracement level which is also near the CME futures gap. Quite possibly, the CME future gap is acting as a magnet drawing Bitcoin price nearer to the $8,500 – $7,500 range because of the group think surrounding it (source: Cointelegraph).

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$9,849.51
2.24%

Observers of the crypto market must have noticed Bitcoin’s drop out of the broadening wedge which took the coin up from $4,000 to its year-high of $13,739. There is a probability that the coin may go back to its 61.8% fib retracement as the parabolic trend has been left out for a long time. Although the short-term outlook for the coin remains dominantly Bearish, a few market analysts are certain that Bitcoin’s long-term performance in the market will be Bullish.

Bitcoin Price Prediction – Why Analysts Remain Upbeat in Bitcoin’s Long-term Action – Bitcoin Price Analysis – Bitcoin News Today

In Bitcoin price prediction, below are three factors which still make Bull’s analysts believe the coin will reach a new all-time high this year.

1. Coinmetrics released a report earlier this week. The report showed Bitcoin’s untouched supply has reached an all-time high of 21%. There has been a significant increase in untouched Bitcoin in the last five years. According to Cointelegraph, this suggests that Bitcoin is gradually becoming a store value rather than a medium of exchange. Hence, as Bitcoin prices continue to rise, the number of untouched Bitcoin will increase too.

2. According to crypto analysts, a massive amount of Bitcoin becomes available at lower prices after a BTC/USD rally reaches its peak. Miner capitulation will coincide with the start of a new Bull market. Bitcoin price may rise from its lows to increase a hundred folds.

3. Pre-halving may push the price of Bitcoin up to $20,000. Popular crypto analyst Filb Filb is also convinced that Bitcoin’s prices will only soar higher and will not fall to its year-low of $3,120.

“Miners sell into market demand every time the revenue per Bitcoin rises above mining costs and he expects that they will ‘limit selling’ as the pre-halving event approaches to invoke the new halving bubble”, he stated. For easier understanding, since the basic Economics rules of demand and supply regulate Bitcoin prices, Filb believes that “what happened in 2018 was miners selling off their Bitcoins at marginal costs”.

“Only the most efficient miners survived, while their inefficient competitors got eliminated”, he further explained (source: Cointelegraph).

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.