Monday, July 15, 2019

Bitcoin Price Analysis As Activities Spike This Weekend

It’s the weekend again, and cryptocurrency enthusiasts are expectant if something significant will happen this time around. Will there be a pump or dump in Bitcoin’s price as was evident during the past weekends? Alternatively, cryptocurrency analysts have made predictions on what should be expected in the coming weeks.

Pattern Exhibited During the Weekend

As at press time, Bitcoin is trading at $3,942 which is a 0.53% increase from its price a few hours ago. However, for the past month, a pattern has been exhibited during the weekend. For instance, Coinmarketcap’s platform shows that on Saturday, February 23, Bitcoin hit a high of $4166 and on Sunday, $4,210. The asset declined to $3,807 on Monday. Likewise, on Sunday, February 17, it went from a high of $3600 to $3900 on Monday, February 18.

Despite this, several crypto analysts have made comments on Twitter. One of such is planB. According to the user, we have entered a low volatility period which is quite similar to the bull market of late 2015. PlanB also listed several reasons why he believes Bitcoin will not trade under $2000. Some of these are “BTC never dropped below the geometric mean ($2750), and BTC never dropped below 50% of the stock-to-flow model ($5500).”

Fidelity, Bakkt, Starbucks, Argentina May Cause an End to Bitcoin Bear

The Crypto Dog, another analyst with about 151,000 followers, is also bullish about Bitcoin’s price. The analyst noted that an end to the Bitcoin bear would be brought about by Fidelity Investments’ launch of its crypto custody platform. The same was said about Bakkt’s proposed Bitcoin futures and Starbucks acceptance of Bitcoin for coffee.

Argentina was also pointed out by The Crypto Dog. In this case, the South American country has massively adopted virtual currencies due to the recession in the country. A recent report revealed that people in 37 locations in the country could fund their SUBE card with Bitcoin to pay for public rides.

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Bitcoin Usually Reverses After Dumping 85 Percent from All-time High

The Crypto Dog also stated that there is usually a pattern for Bitcoin to reverse after dumping 85 percent from its all-time high. Nonetheless, not all predictions are seeing the light at the end of a tunnel. For instance, SalsaTekila, a crypto enthusiast with over 18,000 followers said Bitcoin might go lower than $3,330. The latter is the lowest the virtual asset has sat on in 2019.

That aside, BTCNN on March 5 informed of a forecast by TraderScarface who believes that Bitcoin has the potential of hitting  $102,000 in the next bull run. The optimist referred to an article by Forbes and Business Insider which had predicted an end to the virtual asset, whose performance had only gone contrary to their expectations.

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering [email protected] [email protected]

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