Bitcoin has constantly failed to overcome $10,000 support after an inch ahead some hour ago. BTC is now trading a bit above $10,000 support level. There is tendency for more drops due to its last 24 hours indications. On this note, a crypto analyst has recently stated the growth trend of Bitcoin since 2011, and how it overcame each difficult bottoms, averring that BTC could keep the uptrend till it attains $370k all-time high.
For the past 48 hours, Bitcoin’s price has quite been less volatile. This has made its trend a bit unpredictable, making the crypto analysts to envisage rather than being factual.
The growth of Bitcoin from inception has not really been smooth, but it keeps overcoming every challenging resistance levels along its way until now. BTC is presently struggling to advance in order to retest the price highs it once attained some weeks ago.
Predictions about BTC attaining $100,000 have been perpetual lately. More crypto analysts come out virtually every day with their notable long-term price forecasts, citing the price growth trend of the digital currency right from its emergence.
Bitcoin is still swinging between $10,000 and $9,500 resistance levels. There is little or no indication to show BTC has bottomed. There are recent sentiments of a possible price nosedive to $8,500 region, before the digital currency could maintain upside trend to new highs.
At press time, Bitcoin is trading at $10,000 with relatively 3% price increase in the last 24 hours. BTC have experienced more of deficit than gain over the past days, but hope of advancement is ever intact, considering the challenges it has managed to huddle in the past.
Analyst States How Bitcoin Managed to Overcome Difficult Bottoms, Says Same Trend Could Be Followed to Attain $370k ATH
Bitcoin has in the past encountered difficult huddles, especially during its early years, when BTC was less popular. Today, the interests of institutional investors have enhanced its popularity to the point of drawing the attention of the United States President, Donald Trump. The recognition was actually tagged necessary for the future of Bitcoin and other cryptocurrencies.
In the middle of BTC’s present slow growth in the market, an analyst identified on twitter as PlanB has stated the past growth trend of Bitcoin. He was precise about Dec 2011 when BTC was trading at $4.6, May 2015 when BTC was trading at $230 and Dec 2018 when BTC was trading at $3,691.
He tagged all the aforementioned price levels as difficult bottoms which Bitcoin eventually surpassed. Conclusively, he stated that BTC could follow this uptrend until it attains $370,000 All-Time High.
Read his statement below:
“Bitcoin bull markets seem to start at difficulty bottoms. We saw difficulty bottoms (miner capitulation) in Dec 2011 ($4.6), May 2015 ($230) and Dec 2018 ($3691). Price continues to rise from these bottoms until ATH around 100x .. implying a continuing uptrend until $370K ATH.”
#bitcoin bull markets seem to start at difficulty bottoms.
We saw difficulty bottoms (miner capitulation) in Dec 2011 ($4.6), May 2015 ($230) and Dec 2018 ($3691). Price continues to rise from these bottoms until ATH around 100x .. implying a continuing uptrend until $370K ATH. pic.twitter.com/xgwp3SeHfb
— PlanB (@100trillionUSD) July 26, 2019