Despite the present overpowering trend in the market, Bitcoin’s race to hit a new all-time high of $100,000 remains the focus of some in the crypto space, and they are yet to pass up their believe.
In the early hours of yesterday, Bitcoin managed to stay above $10K but the support was quit feeble for BTC to remain in the 5 digit price. However, coupled with increased selling pressure that battered BTC in the market, a forceful drift to 4 digit price was initiated and Bitcoin closed the day below $10,000 psychological price level.
Up till press time, the market is almost fully inundated with red colors and Bitcoin remains among the coins shedding their value today. Bitcoin is hovering above $9800 with about 2% of its value lost in the last 24 hours.
In spite of the overpowering bearishness, Bitcoin maintains its dominance over altcoins in the market. The king of crypto, as at the time of filing this report, holds a dominance of 64.5%.
The technical formation produced by Bitcoin has made an analyst affirm that an upward trend is imminent.
“According to Bulkowski falling wedges break upwards 68% of time,” the analyst posited.
The trader added that BTC would likely reignite a new bullish rally that will take it beyond its previous all-time high.
Not much time before this can turn into reality.
According to Bulkowski falling wedges break upwards 68% of time.
— Galaxy (@galaxyBTC) July 25, 2019
Known as GalaxyBTC, the trader said the present pullback only represents a pit stop on the race to $100K.
GalaxyBTC inferred that Bitcoin is only lowering its head for a massive charge, and soon, the reality of the present crypto market will prevail.
Bitcoin Needs 930% Increase to Attain $100,000
$100,000 price point remains a focal point for enthusiasts of Bitcoin in the space. During an analysis, it was proclaimed that Bitcoin will need about 930% increase to reach $100K price.
Bitcoin is almost half of previous peak value, but expectations are that the cryptocurrency assets, based on its previous trend, will likely exceed its previous high when the bull is fully ignited.
The dawdling nature of altcoins in the present market has also made experts believe 79% of them will fail in rising along or above Bitcoin when the bull takes over the market.
The top 30 by mcap, and the % they would *still* be down from their high, are in the chart below. pic.twitter.com/N9j6Nkqmte
— Ceteris Paribus (@ceterispar1bus) July 24, 2019