Lately, Bitcoin do witness price increase during the weekends. The same thing was noticed during the just ended weekend.
After falling to $8300 level during the week days, Bitcoin rose drastically to $8,700 on Saturday. Early Sunday, BTC saw around 3% price rally in a short time. This morning however, Bitcoin lost 1.1% within 5 minutes before trading around $8,300 on Binance.
As the price of Bitcoin continues to swing back and forth, observers and crypto experts at large are pouring in their minds on the unfolding realities of Bitcoin, especially when it has failed to maintain a price above $9000 after it crossed the mark on Binance last week but reversed speedily below $8500
Either Bitcoin swings back and forth or continues to maintain its particular position for days, analyst are still unmoved with its condition since they have are seeing the possibilities of the market been in a bull run.
For example, CEO of Civic, Vinny Lingham, who took long to get convinced that the cryptocurrency market is in a bull run, has predicted that Bitcoin may soon “blow through $10,000”, to test the $12,000 mark.
Vinny, otherwise referred to as the “Oracle of Bitcoin”, however, said Bitcoin may maintain the $12,000 level for a while due to a “very heavy resistance level”.
BTC shifts bands to $100,000 and No One is Talking About it
A top cryptocurrency analyst on Trading View, by the name TradingShot, has observed that Bitcoin shifted bands to $100,000, but was surprised no one noticed.
The cryptocurrency expert, before the price of Bitcoin fell, said Bitcoin was making the 0.382 Fibonacci retracement test (ATH to 3150 bear cycle Low).
TradingShot pointed that he was surprised since it took Bitcoin a very short time to achieve this when compared to the previous two cycles. Many people did not foresee that BTC would rebound in a strong manner after falling to 3150 bottom.
TradingShot questioned that since experts agreed that market cycle takes a longer time within the Bitcoin’s parabola, why then is a strong “rise and such a short test of the 0.382 Fibonacci?”
The analyst maintained that the present strong rebound from 3150 to 9100 may be indicating that the same bull cycle of of 2012 – 2013 may happen again.
“This suggests that the $100,000 land mark may come as early as 2020,” he said.
Bitcoin in the market
The present market situation is nothing to write home about as Bitcoin and other notable coins are deeply in red. As at the time of writing, XRP and Bitcoin SV are the only two top 10 coins in green, others are following Bitcoin which at some time today, traded below $8500.
As we write, Bitcoin is changing hands at $8537, with a market cap of $151 billion, and a 24hr market volume of $20 billion.