Bitcoin is still changing hands below $12,000 resistance level, its next move is quite uncertain. Since the recent price correction, BTC has not had decent price upsurge. However, an analyst who predicted the latest price dump has again pointed that the digital currency is set for a new uptrend rally.
Bitcoin was about testing $14,000 resistance level before bowing to unknown force, which brought its price below $10,500 resistance level within 24 hours.
As expected, other digital currencies also went plummeted with Bitcoin in high degree. Some crypto pundits believe there could be more price correction, in order to avoid a repeat of 2018 bearish occurrence, while some believe BTC has bidden farewell to 4-digit market price.
Bitcoin’s parabolic movement about two days ago convinced a number of investors across the globe. New investors plunged in into the market due to the fear of missing out, since none knew how far it would surge before retracting.
This substantially increased the transaction volume of major crypto exchanges, which possibly led to the server failure experienced by Coinbase that supposedly caused the historic price crash of BTC and other cryptocurrencies.
Bitcoin has presently settled below $12,000. There are lots of favourable predictions about BTC. Some analysts believe that the present price of the digital currency is a little compared to the unimaginable resistance levels it would surpass.
Bitcoin has constantly displayed its sovereignty over altcoins, and this has lately been calamitous for them more than its benefits. It’ll be good for the well-being of the crypto market if altcoins could grow independently.
At the time of writing, BTC is trading at $11,949.89, with 6.71% price surge in the last 24 hours. The next move could an uptrend if we must put the past price reactions to consideration.
Josh Rager Believes Bitcoin Is In Its New Upward Phase
Cryptocurrency analyst Josh Rager has at times been right on a host of short term Bitcoin predictions he makes in the market.
Rager previously hinted on the recent price collapse of Bitcoin. Before the plummet, he said BTC would correct a bit before facing a new surging course.
In his recent tweet, he said so many investors sold their digital assets due to FUD. He then averred that Bitcoin is presently in an upward trend.
Read his statement below:
“After a few DMs from people selling out of fear yesterday, I just want to remind you of something Bitcoin is in an uptrend…”
Using the chart he captioned, Rager pointed that Bitcoin (BTC) price movement has formed just like the last distinct upsurge.
“…I circled the last uptrend for you as well as the current uptrend Probably 1/6 way to the top right now, IMO It’s going to be okay”
After a few DMs from people selling out of fear yesterday, I just want to remind you of something
Bitcoin is in an uptrend
Don't believe me?
I circled the last uptrend for you as well as the current uptrend
Probably 1/6 way to the top right now, IMO
It's going to be okay pic.twitter.com/vqegY9goVS
— Josh Rager 📈 (@Josh_Rager) June 28, 2019