- Possibility of Bitcoin’s further price breakthrough beyond $8100 mark
- What BTC’s condensing formation implies
Bitcoin had faced a stern challenge in its struggle to break further above $8100 mark. BTC price has been revolving without a notable gain or loss.
The past few weeks have recorded a host of speculations about the stability of Bitcoin (BTC) in terms of trust and asset for the future.
About 24 hours ago, Bitcoin (BTC) price was trending down towards $7,000 mark, encouraging doubts that the digital currency would drop farther.
At present, the crypto sphere possibly constitutes two sets of enthusiasts, investors or potential investors.
One group of cryptocurrency enthusiasts or interested investors wishes a deeper Bitcoin (BTC) price in order to create a means to accumulate, while another sets of investors that have seized the previous price dips opportunity to accumulate BTC in numbers yearns for a nonstop bull run that would significantly boost their income.
Bitcoin (BTC) is clearly back on course in the cryptocurrency market, after its recent pullback, trading at $8,007, with 4.76% price upsurge and relatively $400 gain in the last 24 hours.
Bitcoin (BTC) could be on the verge of breaking $8100 resistance if it replicates its present trend of price upward movement, steadily strengthening the hope of breaking further ahead.
Other digital currencies also tread the same path of price appreciation like Bitcoin (BTC), as it obviously commands their price courses due to its distinct market dominance.
Josh Rager about Bitcoin’s Condensing Formation
According to some crypto analysts and forecasters, there are still formidable circumstances surrounding the quest of Bitcoin (BTC) maintaining its present price and even move beyond.
Josh Rager, a well-known crypto investor took to twitter to illustrate the Bitcoin (BTC) price situation he tagged as condensing formation with no notable change. He further urged investors not to be too anxious about the price.
$BTC still in this condensing formation and held by horizontal supports
Not a lot has changed which shows that you don't have to stare at charts all day – waiting for that next massive candle
I'm out for the night – have a great evening/day pic.twitter.com/Y3i8DndpgB
— Josh Rager 📈 (@Josh_Rager) May 23, 2019
Rager corroborated his assertion with the neither bullish nor bearish price stature of Bitcoin (BTC) in the market. He claimed that there is possibility of volatile price movement after the condense formation.
Read Rager’s opinion below:
“The Formation is neither bullish nor bearish It’s there to show price is condensing & a volatile move will likely follow Watch the price levels and that will give you a clue on where price could be heading.”
Hope for Bitcoin (BTC) Breaking Through Price Resistances
There were predictions with suggestions about Bitcoin surpassing its “All Time High” of about $20,000 before BTC bearish season could be termed over, otherwise, it could still drop down to $1000.
Cantering Clark, a cryptocurrency trader and analyst stressed his belief about the chance of Bitcoin (BTC) breaking through resistances to the top.
Clark claimed that the probability for Bitcoin price to continue and maintain its price rise is very high. However, he hanged his sentiment on some necessary conditions.
Read His excerpt below:
“This is my current game plan for BTC – High probability continuation long at a break of top green. – Moderate to High probability bounce in green zone below, contingent on adequacy of responsiveness to price hitting area. – Considering Shorts below red for NT trend correction.”
In conclusion, Bitcoin is presently maintaining its market value, and on the verge to break $8,100 resistance. BTC enthusiasts, traders and investors hope for a steady growth in price, even breaking above its record price is quite welcoming.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.