Bitcoin is recuperating from the downward trend it embarked upon few days ago. It has recently broken $10,000 resistance level, gathering momentum with indications of price resurgence in order to regain its lost values.
As the crypto sphere looks forward to seeing BTC recording new 2019 highs, a crypto analyst has stated the resistance level the cryptocurrency must surpass before its new All Time High can be expected.
A couple of weeks ago, Bitcoin recorded a number of 2019 highs, raising expectation of attaining its price hallmark. After a seemingly decisive parabolic movement, the price trend became twisted to the downside, which resulted to huge losses from relatively $13,800 to about $9,100 price level.
Bitcoin, the king of coins has since been struggling to grapple the same price surging trend. Its price movement lately has been more of downward, fueling the confidence of the prophets of doom and pessimists who have relatively zero belief in the future of the digital currency.
A lot of cryptocurrency analysts believe that the price downward trend which Bitcoin encountered lately is not the evidence to prove that BTC is in bear season. They reiterated that the digital currency is in the Bull Run that cannot be altered, claiming that the recent price plummet is due to the fact that Bitcoin was overbought.
Impact of Bitcoin on Other Cryptocurrencies
Both price gains and losses of Bitcoin continue to impact the growth of other cryptocurrencies. There is little or no indication of being in Alt season as claimed by some crypto pundits that attached their points on the slight gains accumulated by some Altcoins few hours ago.
Some Altcoins seem to have tangled their fates with the trend of BTC in the market, and this is not expected to halt anytime soon. If Bitcoin could attain the target of surpassing its price hallmark, it would be a direct blessing to the crypto market as a whole.
For the past few minutes, Bitcoin’s price has been less volatile. It remains stable with an inch above $10,000 support level. At the time of writing, BTC is trading at $10,095.02, with about 4% price upsurge in the last 24 hours.
Analyst States the Resistance Bitcoin Must Break to Expect New All Time High
As Bitcoin settles for the next move, a crypto analyst has recently shared his thought about the possible growth trend of the digital currency, starting from now till November 2019.
He sentimentally stated that slow growth would continue in August, a trend that would be greeted with parabolic movement from September to November. Conclusively, he pointed that Bitcoin could record its new All Time High once it breaks above $16,000 resistance level.
My $BTC macro view
Expecting a slow and choppy July + August
Uptrend continuation in September with strong moves Sep/Nov
– Zones of interest
Rushing 9K and high 8K buyers to get shaken out
Ideal entry area high 7K ~ low 8K
Upside target 16K, if broken we will gun for a new ATH pic.twitter.com/0pgomqoo16
— RJ (@RJ_Killmex) July 24, 2019