Bitcoin has been on a rollercoaster ride this month, breaking the $13k mark for the first time this year. However, it still registered a low of $9k. Will the trading environment allow it to go past $13k again? Analyst and investors have their say.
Last week, Bitcoin was a bit shaky as the prices failed to stabilize, it went up and down with every passing minute, and investors were left to play the guessing game. An unprecedented feat was however registered when bitcoin shed almost 400 points in less than an hour. However, the coin remains upbeat, and analysts claim that it will need to break$13.2k barrier to drop the bullish tag once more.
A notable mention is that in June, Bitcoin registered a high of $13880 and a low of $7432, while In July it recorded a low of $9049, this is a definite improvement.
This convincing improvement has set the bar at $13200 to enable bitcoin breakout from its bullish behavior.
What will it Take?
Currently, Bitcoin is trading at $11220, a small change within the past day, however. The upward trend by Bitcoin began in April, and from there, prices went over the roof and settled at $13880. These prices indicate that Bitcoin at the time broke into the bull market.
For Bitcoin to confirm a bearish reversal run, it would have to trade below $9049 this August, and this figure confirms July’s Low for the coin.
If the price of bitcoin is to beat last month’s High, then by this week close on Sunday, Bitcoin should have to register a value of $12000 or higher. This figure will only confirm a continual of the bullish nature of Bitcoin.
However, the next twenty-four hours won’t be so good for bitcoin, as the coin will shed some points to settle below $11000. Analysts now claim, from recent data that BTC has confirmed a Bearish pattern and its prices will tumble more from now.
A selling attitude has again hit the market, and everything else is confirming bearish conditions in the market. There is hope, however, even with all these negative signs that the coin could close at $12000 and above in the weekends.
Therefore, there are very high expectations that the coin may beat last month’s top this August and register a new 2019 record.