September has taken off at a good point as Bitcoin price is in the green just above $7k. With the picture the technical charts and experts are painting, we are looking towards a good month ahead.
Bitcoin bulls making a strong case
Bitcoin bulls first entered the market in mid-August. Since then the market has gone through a lot of ups and down. The highest point of Bitcoin this month has been at $7,699 at the beginning of this month. The lowest mark hit was $5,937 on August 15th. After this, the Bitcoin started its ascend to $7k.
At the time of writing, the world’s leading cryptocurrency has been sitting at $7,053 while registering gains of just about 1 percent in the last 24-hours. With a market cap of over $122 billion, it has been managing the 24-hour trading volume of $4.3 billion.
Though the prices dropped yesterday and the day before it for a short period, the bulls seem to be in complete control at the moment and if the price keeps its slight upward movement, the bulls can easily take it to the $10,000.
Bitcoin will find resistance at $8,000 while moving upwards and if it is able to find the support above $7,500, the price will be able to further take a hike and move towards its last year’s all-time high at $19,500.
$7k is the breaking point to go higher, so for right now, all eyes are on this mark because a slide below this and Bitcoin just might go on the downtrend.
Experts point to a bullish scenario
With Bitcoin’s recent rebound, experts and analysts are pointing towards the key indicators that are suggesting the leading cryptocurrency is pushing for a higher level.
Eric Ervin, the CEO of Blockforce Capital shared with Forbes:
“Bitcoin’s upward price movement in the latter half of August bounced off a key support level around $6,000, a level that has proved to be an important baseline since the beginning of January.”
Another testament came from the president of CryptoPatterns, David Grodsky who says Bitcoin has formed a double bottom pattern around the $6k level, which as per him will result in,
“The bullish trend should see Bitcoin have a day with destiny and retest the key [$7,250] level we have been referencing for months.”
The key point is the Bitcoin’s trading volume, if the price rises over the above-mentioned point with substantial volume, according to Grodsky, we can rise to $8k. But if the price drops below $6,450, it “would be a red flag that the bullish trend is in jeopardy.”
Tom Lee, the co-founder of Fundstrat is maintaining that the rally will be here and Bitcoin is going to hit $20,000 at the end of this year.
Also, just days before, Binance CEO Changpeng Zhao commented,
“Accumulation is key! I heard for many people, the first time they buy BTC is the most BTC they have had so far, even/especially after years of hard work trading/investing/etc. They sell, and price goes up. Does this ring true for you?”
Moreover, he also shared a bullish sentiment on Twitter, only to delete it later:
— C3|Nik (@C3_Nik) August 29, 2018
For now, the market sentiments and the charts all are indicating towards a bullish scenario, so it’s all a wait and watch the game for now!