Bitcoin has gained over 150% since the beginning of the year. The trading in BTC in 2019 began at around $3770. The price of Bitcoin at 16: 00 hours UTC on 26th July 2019 is $9799.
The yearly movement in price has instilled strong confidence in the bulls. However, it also unlikely that traders have forgotten ‘crypto winter.’ Now that we are past halfway into the year. Bitcoin is hovering around $10,000 looking for a break-out on either side.
Nevertheless, for large parts of the trading action in the last few weeks, Bitcoin has rejected the bearish pressures. B. Biddles explained his take on the recent movements. He tweeted,
$BTC Why am I not totally bearish? These dumps are not convincing. I don’t see panic selling. And I see supports getting respected on dumps. Bears clearly have not won yet Remember on the way up how we blasted resistance? Show me the inverse of that & I’ll be bearish.
Moreover, 8,500 has continually echoed in the space as then next target for reversal. Richard Heart has strongly persisted upon it from the Gap Analysis. Moreover, Willy Woo, crypto-analyst and trader has also suggested that $8000 could be the next bottom. Tyler Jenks, an experienced Bitcoin trader, and analyst also noted that a drop to $7500-$8500 is on the cards.
Tone Vays is also persistent on the price being lower than $10,000 by the end of the year. He noted in an interview with BlockTV where he noted that he is not totally convinced of another bull action from here.
Nevertheless, the bullish predictions are also doing the rounds as the CEO of Pantera Capital, Dan Helderman noted in a recent podcast episode,
Bitcoin could hit $42,000 by year’s end and $356,000 a couple years after that.
The price of any asset is rarely based on only sound fundaments. In cryptocurrency markets, the effect on hype and speculation is larger. Mati Greenspan, the Senior Market Analyst at eToro recently noted,
In the crypto market, a lot of the valuation for specific coins is based on hype as the more well-known networks tend to attract more participants, more usage, and more investments. He also noted,“It’s always a bit funny to me when this happens in the stock markets though. For example, Tesla Motors is currently trading at a higher valuation than Ford even though Ford earns 7.5 times the amount of money.”