Bitcoin’s Great Start of September is over $7k, Where are Bulls Heading?

Published September 1, 2018 | Updated September 1, 2018

bitcoin

Bitcoin’s Great Start of September is over $7k, Where are Bulls Heading?

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.

bitcoin
Source: Tradingview.com

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.  

Also, read: Bitcoin Adoption Just Got Real in Ukraine, Fruits & Vegetables Up for Sale in Cryptos

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.”

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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:

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!

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Sagar Saxena 215 Articles
Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com
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