The crypto market analysts are all optimistic about the world’s largest crypto’s inevitable growth. The day before yesterday Bitcoin’s price was seen to hovering around $5,200 level which was soon followed by a mild drop.
Last week though, there was another dip in the crypto’s price that pushed its rate to $5K. It appeared that this was the height feat the crypto could muster, but the crypto is all set to surprise us by offering more scope of price growth before surrendering to any major resistance level.
Market experts are expecting the crypto to soar in the coming few days. Currently, the crypto is trading with a 1.5 percent decrease with the rate of $5,050. It is lower than its weekly high of $5,400, but it has managed to float above the low of the past seven days (i.e. of $5K.) Since $5,400 is a strong resistance mark, it would need stronger buying volume in order to push it beyond this point.
The head of Fundstrat Global Advisors- Thomas Lee thinks recently talked about factors may lead to the future growth of BTC. He also touched upon the greater risk-taking attitude from the traditional equity investors since they are seeking greater capacity of returns. Towards the end of the following statement, he added that he expects Bitcoin to break beyond $10,000 during this year. He said,
“Risk appetite is positive for Bitcoin. If the S&P 500 made a 2.5 standard deviation move [as it has done year-to-date] and investors are looking for [volatility] that is building a base case for Bitcoin.”
2019 has turned the recent bear market trend on its back, making both the crypto market analysts and the crypto traders and investors to be on the same page that confidently conclude the period of the bear market as of now at least. Looking at the current upsurge of Bitcoin and other cryptos, there are high chances of the crypto industry to see more and more growth as this year rolls.
Yesterday, on her official Twitter handle, a crypto-analyst- Lisa N. Edwards expressed her views about the recent growth-graph of BTC. She described the growth-graph as a ‘parabolic’ formation, which is almost immune to any further downturn. She said,
“$BTC small bounce in the right direction, lots of people still calling extreme lows at the moment – I would like to bring your attention to the PURPLE PARABOLA…. not much room for correction… it’s possible BUT unlike IMO.”
If the growth of BTC stays strong consistently, then there are high chances for it to reach $7,000 mark in no time. As of now, the exact details on the support and resistance levels of Bitcoin will be revealed as time unfolds the story, and thus, the investors and the crypto market analysts will get a clearer picture of the true potential of the world’s largest crypto.
At the press time, BTC is facing a mild downturn of 1.45 percent and the current price of the crypto is $5,100.85 USD. The market capitalization of the crypto is $90,021,708,192 USD and
17,648,362 BTC. In the past 24 hours, the volume of BTC in the market has been $12,003,162,074 USD and 2,361,594 BTC. Whereas talking about the circulating supply of the crypto, it is 17,648,362 BTC, with the maximum supply of 21,000,000 BTC.