Bitcoin Remains Very Attractive Even After Failure to Break $11k

bitcoin price

The price of bitcoin may have fallen short of the $11,000 milestone in its latest recovery attempt, but analysts are still bullish on the cryptocurrency in both short and long term BTC price predictions. Latest bitcoin news, it appears, is fueling this optimism towards bitcoin just as positive fundamentals continue to suggest this is a good time for digital asset investors to increase their bitcoin portfolio. There’s also renewed talk of bitcoin as a safe haven in the light of telltale signs of an impending recession and the drawn-out US-China trade wars.

Circle CEO Tells Investors Run to Bitcoin ‘non-sovereign’ Bitcoin to Get Control – BTC News Today – BTC Price Prediction

Jeremy Allaire, the CEO at financial services company Circle, has advised investors to seek refuge in bitcoin during this uncertain financial and economic times. The financial expert reignited the “bitcoin haven” discussion at a recent edition of CNBC’s pre-market financial show, Squawk Box.

Allaire said:

“Clearly, a non-sovereign digital asset like bitcoin is attractive to people who are interested in moving capital into a place where they can control it themselves.”

He affirmed a popular opinion among cryptocurrency analysts that institutional interest in cryptocurrency has grown in recent years and its beginning to pay off in the market. This, he attributed to the “digital gold” thesis explaining that a lot of bitcoin investors –both individual and institutional—were accumulating bitcoin due to environments where there is “intense concern about capital controls.”

As Smartereum reported, cryptocurrency analyst Scott Melker explained that the latest bitcoin bull run is a result of institutional involvement in the market. “Many of us said that this bull run was different because it happened without retail interest or FOMO. Price rose steadily from 3200 to 14K without media hype,” he tweeted.

Bitcoin Price Today – BTC to USD – BTC Price Analysis

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,937.14
-1.61%

Allaire’s comments came on the heels of a recent resurgence in bitcoin price. BTC added more than $1000 in about 48 hours to end the blues that saw it trade for less than $10,000 sometime last week. However, this new week momentum could not guide the cryptocurrency above $11,000 as many observers had expected. At the time of writing, BTC is valued at $10,622 to the USD after it dropped from its 24-hour peak of about $10,947.

Bitcoin Price Prediction 2019 – Fundamental and Technical Analysis of Bitcoin

That said, optimism remains strong towards bitcoin. Allaire, who faulted quick-profit bitcoin traders, for the recent slump in prices pointed out that bitcoin price is up 100 (nay 200 percent) over the past 9 months or so. He went on to put his stamp of approval on bitcoin and stablecoins like the Libra.

“Crypto as an agenda item is absolutely on the docket…but also the growth in stablecoins like USD Coin and Libra.”

Bitcoin Network Hash Rate Hits Record High, Again – BTC Price Prediction – BTC News Now

It’s becoming all too familiar; bitcoin network hash rate reaching new all-time highs. This time the bitcoin hash rate reached 82.5 TH/s according to block monitoring data from blockchain.com. What’s interesting, however, is that cryptocurrency investor Max Keiser has linked this encouraging network fundamental to better bitcoin prices. “Price follows hashrate and hashrate chart continues its 9 yr bull market,” Keiser wrote in a tweet this month.

As originally reported by CCN Markets, technical analyst Josh Rager has predicted conditions for the next bitcoin bull run following the analysis of bitcoin technical charts. He wrote:

“I wanted to see [bitcoin price] over $10,800 and it did close, short term bullish Will continue to watch the order book and want to see continued follow-through from buyers (currently under weekly open from two weeks ago – will act as resistance).”

Another crypto trader, Scott Melker from Texas West Capital, said of the bitcoin hourly price movement, “Holding the major ascending support, presently in a small trading range with a likely pennant formed. Red line ($10,890) is key resistance.”

Riccardo Lopp is a writer specializing in Crypto, ethereum and whole blockchain ecosystem. His background is in economics and statistics.

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