Bitcoin Price Might Touch $7,600 Next

Rep. Patrick McHenry stated, “There’s no capacity to kill Bitcoin.” He further opined that the legislators and the regulators will not be able to kill cryptocurrency but will be able to retard its development.  Also, the short and medium-term future of cryptocurrency continues to be vulnerable to the different forms of intervention from the government.

Bitcoin breached the long-term support and is on the defensive.  Three days of price drop and Bitcoin left the bearish lower high at $11,120.

The intraday low was seen at $9,573, and the BTC recovered from the low to trade at $9,700.  The digital coin lost over 4% ever since the beginning of the day.  The price continues to be under the bearish pressure.

Despite the volatility in the price of the Bitcoin, the price has gone up to 30% in a year.  While all significant cryptocurrencies are volatile, the volatility is seen in different phases for each of them.

Cohen stated, “In the long term the mining rewards for Bitcoin will go away completely (there’s a strict schedule for this), and all that’s left will be transaction fees. Attempting to ‘solve’ the problem of transaction fees would, in the long run, undermine the security of Bitcoin even if it were done perfectly.”

Josh Rager, a Twitter crypto analyst, stated, “$BTC looks to be creating lower-highs and lower-lows on the daily chart.  Marked are the open and support areas based on the weekly chart with previous support possibly flipping to resistance.  If confirmed, watching the next weekly support at $8,975 as a potential target.”

The current Bitcoin volatility is on the verge of validating a typical fractal pattern, similar to one that was formed in the 2018 bear market.  This means that the price might touch $7,600 next.  Whether this pattern will be validated will not be clear in the days and weeks ahead; however, BTC will certainly continue to face strong selling pressures in the near future.

Hockey stated, “Especially given the discussions around Libra and the rebound in Bitcoin, there’s heightened interest again.”

Newegg, a Tech Retailer, is expanding the Bitcoin payment option to several new countries.  An announcement was made on Wednesday when the US-based firm stated that they would be accepting Bitcoin in 73 of their additional country-specific stores.  Thus, cryptocurrency can be used to make payments for purchases in nearly 80 of its served nations.  There is a growing preference for this Bitcoin payment system.

Richard Newman

Richard is the Editor-in-chief of Bitcoin Journal. He has over 10 years of experience with the news industry mainly handling the editorial cycle.

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