The revival of Bitcoin from the recent crash and its correction above $10,700 livened up the hopes of several investors. This has, in turn, broken the psychological level at $11,000. Despite the current bullish picture, crypto analysts are predicting a downtrend.
It was a phenomenal recovery phase for Bitcoin. The BTC finally retreated to $10,500 level. Despite the positive picture projected by Bitcoin, investors are warned to proceed with caution.
The Bitcoin has recorded five days of winning run and price gains; this is the longest streak in terms of winning gains ever since August.
The technical charts project that the probability of the BTC challenging $10,956 would lead to the formation of the next major resistance forming at $10,956.
The histogram is reporting bearish conditions. The MACD and several other indicators are biased bearish. A more profound drop down to $10,000 is expected if the prices dive below $10,286. However, if there will be an upside breakout with the hourly close above the upper edge at $10,637, then the prospects of the price moving beyond the bearish lower high of $10,956 are higher.
The triangle breakout credence indicates that the price would rise to $10,956 over the next two days. If the technical strength continues to be well-sustained, then there are bright chances for further major gains.
One of the analysts stated, “My overall market assumption is that we are in the early phase of the next Bitcoin cycle.”
Arthur Hayes, Chief Executive Officer of BitMEX, is positive than ever on Bitcoin and he stated on September 03, 2019, “I’m back from deepest darkest Peru, ready to cash checks. For those of you in Singapore, next week to Invest Asia keep Wednesday night free. We will be two-stepping’ straight to $20k,”
Anthony Pompliano feels that the bandwagon for Bitcoin is set towards $55,000 –bound. This he substantiates by reasoning out the halving effect that is set to happen after May 2020.
Several technical charts are predicting a thunderous rally for the Bitcoin. Several investors are focusing on the wild highs of the Bitcoin, and by tracking the lows, there will be a steady accumulation of the Bitcoin. Accumulation is the foundation for the market attitude towards Bitcoin, and it is getting stronger than ever.
The overall monthly lows of the Bitcoin indicate an active bull market for the token. This is not like the 2017 price hike; analysts opine that the store of value is in the making.