In Bitcoin news today, Bitcoin closed the day at a low after experiencing strong pressures on sales, forcing it to close below the $10,000 mark. The cryptocurrency had found some support at that particular mark in the past. At the moment, the coin is in a technical formation, resulting in a price swing of 68% in the upward direction. This is an indication that bitcoin may stride upwards and may even climb up to its highest position soon.
Bitcoin news today – Bitcoin falls by 2.5% – Bitcoin latest update – Bitcoin Price Analysis
In Bitcoin price analysis, Bitcoin is currently trading at $9,755, falling by 2.5%. This fall is quite significant judging from its daily highs of about $10,200, which occurred earlier in the day before the series of events that led to its current value in the crypto market. By observing Bitcoin’s price action in the last seven days, it is obvious that the bears are in control of the market; as the coin has been seen to go down every time it attempts to climb up. Last Saturday the price of Bitcoin climbed up to over $11,000 before experiencing an instantaneous inrush of selling pressure that saw it fall back below the $10,000 mark.
A popular crypto analyst on Twitter, Chonist trading, tweeted that at the moment, Bitcoin is nearing a period in which it will take a giant leap as it is nearing the end of its consolidation period. “$BTC – right at the time when #bitcoin makes a break from consolidation pattern and volatility expanded for days”, he explained using a chart.
Even though Bitcoin is currently facing selling pressures, one technical formation is signaling that the coin may soon experience a highly bullish volatile move. “Not much time before this can turn into reality. According to Bulkowski falling wedges break upwards 68% of the time. This is just a pit stop on the race to $100K,” explained Galaxy, another popular crypto analyst on Twitter. He stressed that a massive movement could spark up if the Bulkowski wedge breaks above its upper boundaries.
Bitcoin price prediction – analysts disagree over 2019 predictions – Cryptocurrency news update
In Bitcoin price prediction, on Wednesday, a yearly forecast was presented by Filb Filb for Bitcoin. He suggested that the coin may end the year at the $7,000 range. Additionally, he stated that the crypto market will experience a boost in 2020 before the halving event which will happen in May next year.
However, other analysts are more optimistic about the price of the coin by the end of the year. Galaxy Digital CEO, Mike Novogratz presented his latest bullish forecast. He emphasized the fact that interests from financial institutions may push Bitcoin price back to $20,000 before the end of the year. Speaking to Bloomberg, Galaxy Digital CEO Mike Novogratz delivered his latest bullish forecast, arguing institutional interest would push Bitcoin price back to its all-time highs of $20,000 before the end of 2019.
In a cryptocurrency news update, the crypto market is in a state of uncertainty due to political notions from the United States and India. In India, Lawmakers are contemplating banning cryptocurrency completely again.