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Bitcoin Price to Hit $7,200 After Demonstrating Bullish Signs?

Yesterday crypto markets dropped following reports that leading cryptocurrency exchange Binance had been hacked. However, the impact of the developments is minimal, and Bitcoin price managed to hold steady at more than $5,800, continuing the upwards trend towards the $6,000 mark.

BTC Holds Above $5,800

A popular analyst has projected that if BTC continues with the upward momentum, its price could soon hit $7,000—a definitive sign that the bullish run has already begun. Currently, Bitcoin price is up marginally at $5,980 after the daily low of $5,800 occurred moments before the Binance hack news was announced.

Because the hack was limited and Binance quickly reimbursed all accounts affected, Bitcoin price didn’t suffer too much from the news of the hack. In the past week, BTC has been on an upward momentum from lows of $5,400, and it only dropped slightly following the news from its weekly high of $6,000 that was set yesterday.

Analysts consider the muted reaction of Bitcoin price to the Binance hacking news and the recent Bitfinex and Tether fiasco as a bullish sign, sentiments that are equally shared by many investors and traders.

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Bitcoin Continues to Show Bullish Signs

In a tweet, popular cryptocurrency analyst, UB, indicated that he expects Bitcoin price to continue increasing because it has managed to maintain its position at $5,850 despite dropping yesterday. He explained that this drop occurred just before setting new highs and the sooner $5,850 is reclaimed, the better.

Analysts seem to be decisive with the bullish run demonstrated by Bitcoin over the short-term, but it is equally expected to continue in the long-run. One analyst believes that the break of BTC above its 100-week moving average is a sign that Bitcoin price is likely to jump to $7,200 in the near future.

Bitcoin price is expected to continue establishing its foothold in the upper $5,000 region, and it’s only a matter of time before the next bull run.

Featured image: DepositPhotos © aa-w

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Bitcoin price

Bitcoin Price | Analysts Indicate BTC Could Drop to $4,000

Most analysts and investors viewed the recent reaction of Bitcoin price to the Bitfinex/Tether controversy as an indication of improving fundamental strength. According to one analyst, it may be too early to celebrate yet as Bitcoin price is likely to drop into the $4,000 region before gaining any significant support that will allow it to continue with the momentum of growth.

Tether/Bitfinex Controversy

Traders and investors are expected to be ready for this bearish possibility, but analysts have pointed to a long-term trend line that demonstrates how Bitcoin price is expected to grow in the future. The current price of Bitcoin is $5,230, after losing 1% from its 24-hour high in the last session.

For bulls, it’s quite unfortunate that after gaining momentum early in the month, Bitcoin price could be affected by the controversy surrounding Bitfinex and Tether. This controversy has led to Bitcoin losing part of its fundamental strength as it tries to shift towards the support it has under the $5,000 region.

In a tweet, renowned cryptocurrency analyst Big Cheds shared a bearish sentiment, indicating that he believes Bitcoin price will face two downward legs that will lead it to the $4,400 mark before it eventually gains momentum. Income Sharks also explained that the price of Bitcoin will remain in a tight trading channel for quite some time.

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Future Prospects Still Bright

The is still hope in Bitcoin and other cryptocurrencies, despite the daily price movements, that indicates the markets and long-term prospects of the industry look bright even though the bearish markets seems to persist for now.

Crypto analyst Chonis Trading shared in a tweet recently a long-term chart demonstrating the increasing trend line that indicates the possible acceleration of Bitcoin price, which is expected to form an immense bull trend.

In the short-term, it is important to monitor how well Bitcoin price responds to support in the lower $5,000 region because it will dictate the viability of the price drop into the $4,000 region.

Featured image: DepositPhotos @ peshkova

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bitcoin price

Bitcoin Price Surges to a New 2019 High

The crypto market has been surging this week and Bitcoin price continues to pull up, breaking through resistance to establish a new 2019 high. Its market capitalization is increasing, reaching around $180 billion.

Bitcoin Breaks Resistance

According to TradingView, Bitcoin surprised many in the past week after breaking resistance and surging to $5,640. In the last trading session, Bitcoin price gained 4%, surging from $5,480 to $5,640. A crypto asset trader who is known as “Crypto Rand” has indicated that Bitcoin is likely to increase to $6,000 based on the recent performance in April.  In April, crypto traders were optimistic about the price of Bitcoin following its rally in the first week of the month when it surged 20% against the dollar.

Most traders were skeptical about the momentum of the crypto market and if it could be sustained in the short term considering that both Bitcoin price and other cryptocurrencies in the markets had large gains at the start of the month.

Other Cryptos Follow

Although Bitcoin price is headed for new 2019 highs, Ethereum has, on the other hand, experienced a slower momentum, gaining minimally below $175. But with BTC climbing, ETH’s momentum is also likely to grow, and Ethereum will benefit from the current healthy momentum that Bitcoin is enjoying.

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Altcoins are also enjoying the green as Bitcoin leads the way to new highs. Currently, Cardano is the top gaining crypto in the altcoins section, and it gained 9% on the day closing at $0.080. Elsewhere there is no significant movement except for Bitcoin Cash, which moved to $300.

There is movement of the top twenty as Tezos has climbed 8% to $1.43, while Bitcoin SV and NEO both moved 4%. Much of the rest of crypto is making marginal gains. The gains are likely to continue provided Bitcoin price maintains above $5,500.

A huge fomo-driven pump has taken DGD up 28%. Binance has taken 70% of the $30 million daily volume as the gold-based token surges to $35.

Featured image: Pixabay

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Bitcoin price

Bitcoin Price is in the Green but EOS is Today’s Real Winner

The cryptocurrency top ten are in the green! Well, eight of them are at least. According to CoinMarketCap, the total cryptocurrency market cap today is $182,807,737,820.

As usual, when Bitcoin price is in the green, the rest of the market tends to be too. At the time of writing, Bitcoin is showing gains of a respectable 1.13%—a continued increase from a bull run now lasting over a week. Further down the chart, EOS is running away with a 6.84% increase.

What has Bitcoin in the green as of late? The entire market is bullish so let’s check out why this is.

Bitcoin Price

At the time of writing, Bitcoin price is $5,285.08 USD, up 1.29% at the time of writing. Bitcoin has been on a bull run since April 2nd and not only has maintained the high but has continued to steadily increase.

Over the course of a few hours on April 2nd, Bitcoin jumped from approximately $4,110 to $4,800. Now it has hit a current high of over $5,285. The rally has extended throughout the market with other coins also showing massive growth. For example, Litecoin gained over 50% and Bitcoin Cash roughly 80% in the same period.

Bitcoin Price: Why the Jump?

Two theories have emerged as to what caused Bitcoin to suddenly jump. The first is that $100 million worth of BTC was bought across exchanges Coinbase, Kraken, and Bitstamp by one person. A sudden pump of money into the market spurred on further bullish sentiment, and the gains have continued.

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Another theory is that because Bitcoin mining rewards will “half” in May of 2020, interest to buy BTC has sparked. The idea is to accumulate it now for the future when Bitcoin will be harder to mine and therefore become more scarce. As with any product, when it becomes more scarce, it becomes even more valuable. When mining rewards do halve in 2020, Bitcoin price can be expected to jump.

So far in Bitcoin’s history ‘Halving’ has occurred twice–once in 2012 and once in 2016.

What do you think? Do you have you a theory for the recent bull run?

Featured Image: DepositImages © AntonMatyukha

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Bitcoin Price

Bitcoin Price | BTC’s Sudden Spike Leaves All Puzzled

The cryptocurrency market has again undergone strict scrutiny after analysts and market players were shocked by the sudden jump in Bitcoin price two days back on Tuesday. The shocking spike in the price generated fear about the high volatility and risk involved in the cryptocurrency market. Investors and analysts, rather than celebrate, have become all the more conscious about the vulnerability of the market.

After the 2017 bubble, on Tuesday Bitcoin price surged almost 20% above its previous price, provoking many altcoins to increase in price as well. Analysts are busy searching through the records and charts to find the reason for Bitcoin’s spoke. Twitter also caught the frenzy, being flooded with posts and comments about the crypto happenings.

Changpeng Zhao, CEO of Binance, tweeted wondering whether anyone had any clue about this rise, as he himself was clueless.

While many ignored the rush by saying that volatility is the main feature of cryptocurrencies, others anticipated large-scale buying by anonymous investors to skyrocket Bitcoin price further. One explanation currently floating around about the spike in BTC involves a fake news article claiming US SEC would approve Bitcoin ETFs.

However, investors are more worried about the malfunctioning in the cryptocurrency market that Bitcoin’s spike indicates. The whole market is saturated with problems of the unpredictability of data, price, liquidity concerns, and the lack of assigning a fair value to digital assets.

Obi Nwosufrom, from the Coinfloor Exchange (London Based), said that the market is completely decentralized and there is no tool or technique yet to find a fair value for the assets in this market, which is why it is so vulnerable and volatile.

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However, what’s happening now is reminiscent of the 2017 investor-led crypto bubble that brought Bitcoin price close to $20,000. At that time, regulator intervention drove many of those investors out of the market, resulting in BTC price crashing at the start of 2018.

At present, the cryptocurrency market is being driven by individual investors with high net worth, hedge funds, and blockchain IT firms. Long-term money is still very much absent in the crypto space.

The reason behind this is explained by David Mercer, LMAX Exchange Group CEO. He explains that cybersecurity and governments’ stance are the two major hurdles in the market for long-term investors.

On Friday, Bitcoin price was trading up marginally at $4,990 USD.

Featured image: DepositPhotos © stevanovicigor

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