Tuesday, February 25, 2020

Bitcoin’s Price Spikes Over $4,000 for The First Time in 2019

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

For the first time this year, Bitcoin has spiked over $4,000 because it was around $3,000 some days into the new year. This price change was effected on January 7, and as at press time, the digital asset is trading at $4,043. Crypto experts have translated this change as an entry into a positive territory that will lead to an increasing trend in 2019.

Predictions Made Using Bitcoin’s Directional Movement Index data

Based on the Directional Movement Index data, Bitcoin has gone over the 50 mark which usually denotes a buying phase. Under 50, as reported, is a territory where investors are strongly advised to sell the virtual currency. Therefore, this development has led to predictions that there will be a different turn out of events this year.

This is because a closer study of the price trends in the past showed that positive trends usually begin after an Average Direction Index of 50 has been reached. Now that this is the case, there are expectations that the price of the digital asset may be on its way up, making up for the downward price trend that was exhibited throughout 2018.

Hitting the $4,000 Price Mark in 2019 is Significant

Although this is not the first time that the digital asset has hit the $4,000 mark within the past 30 days, this recent change is quite significant. Bloomberg reports that this may mark an end to Bitcoin’s selling streak, given that the last time it entered the positive territory was in November last year.

Mati Greenspan, a senior market analyst at eToro in Tel Aviv remarked that;

In technical analysis this makes these levels very strong. But I think only once we see a strong break above 5,000, 6,000, if we get above 7,500, that’s when people start to turn really bullish.

A Range of Factors Greatly determines Bitcoin’s Market Price

Whichever is the case, a lot of factors control the crypto market. These are the factors that help to determine the price of Bitcoin and altcoins. Nevertheless, investors can still make informed decisions based on Bitcoin’s price charts and the analysis made by crypto experts.

One of such predictions was recently made by Weiss Ratings, a Financial ratings agency. According to the company, Bitcoin will see a new all-time high in 2019. Also, the virtual currency will still be used as a store of value. In the same vein, some selected altcoins will have their prices significantly spiked this year; as high as 20 times of what was obtainable months ago.

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