Bitcoin’s price trend for some days now has been bullish even though the bear is not over. The virtual asset has made attempts and traded over $4,000, but not for long. It has also found support at the $3,800 price level and may test the $4,200 level as its resistance. Some indicators on Trading view are also showing a positive performance by the virtual currency.
Bitcoin Declines by 1.01 percent From a Few Hours Ago
As at press time, Bitcoin is trading around $3,899, and this price is a 1.01 percent decrement from its price a few hours ago. Its market cap is also around $68 billion a drop from the $69 billion which was the case earlier in the day. The same can be said about a drop to $9 billion in daily trading volume, contrary to the $10 billion that was earlier recorded. Thus, the cryptocurrency is showing a similar pattern it has for some days now.
Asides from its price, some indicators can be used to ascertain its performance. Some of these are the Bollinger Bands, Chaikin Money Flow, and Awesome Oscillator. Bollinger Bands, for instance, indicates an increase in the volatility of the market. Likewise, the Hourly MACD (Moving Average Convergence Divergence) is slightly bearish.
A New Monthly High Could Be Established This Month
Predictions have also been made about the possibility of a new monthly high being established as was the case in February. At that time, the virtual asset went as high as $4,200 which was only a temporary thing. Based on the performance it has shown so far, something better may be on the way.
In the same manner, a cryptocurrency bull is expected later this year, and as such, the prices of virtual assets in the market will spike significantly. But then, this is still uncertain given that the likes of Bleeding Crypto, who in an interview with a media outlet, stated that Bitcoin might as well devalue to $1,850 as its bottom.
Cryptocurrency Analysts Make Predictions
Cryptocurrency analysts have also made predictions of the potential of the virtual asset a few years from now. One of such is from Traderscarface who thinks that Bitcoin can climb as high as $102,000 in the next two years. He further outlined that each time the cryptocurrency fell by over 80 percent, an all-time high was reached.
These predictions have also been backed by institutional investors interest in the crypto market of late. These are institutions who may likely influence the market prices of these assets. However, as Pantera Capital’s CEO, Dan Morehead pointed out, the prices of these assets will have to rise first before they can garner more interest.