Once Bitcoin crosses $11,800 resistance, the price will surge to $12000, a new 2020 ATH as per the experts.
Bitcoin the largest cryptocurrency by market capitalization is on the scaling mode which is positively impacting the altcoins market too.
Bitcoin, a pure decentralized digital currency has no competition so far which can create a kind of mindboggling impression on the entire globe to prove its significance. All thanks to pseudonymous Satoshi Nakamoto, who developed Bitcoin.
After the 2017 bull run, the price is ready to surge again, and apparently, Bitcoin mania is back to the full bloom that is quite visible in its struggle to cross $12,000.
The price of the asset is gearing up for a second attempt at $12,000, and the altcoins while respecting the mounting trend continued to rally higher, so to say BTC seems to maintain a support level at $11,500 after falling from the cliff which has somehow also created a delirium state in the investors’ mind.
Last weekend, Bitcoin experienced a massive flash crash of $1,500 from its price after exceeding $12,000 and pushed back by almost $10,500 (12% fall).
The event created a $1billion chaos in the entire cryptocurrency industry. The event was seen on the Luxembourg-based Bitstamp– a global cryptocurrency exchange. Though, the volatility turned out positive which helped BTC to quickly take over the charge and re-approach to its new highs.
However, the reason behind the plummeted crypto market is suggested to be the use of algorithmic trading deployed by whales.
Forbes citing an email by Anatoliy Knyazev, the chief executive of brokerage Exante, mentioned that “Such spikes are still inherent to the crypto market structure, with prolific unregulated leveraged trading going on. The flash crash could be a case of an algo misbehavior.”
On Aug 5, the price of the BTC outshined from $11,090 to $11,784 that builds up once again a new hope to traders and investors towards the upward trend.
In the past seven days high/low visuals of CoinMarketCap data (CMC), BTC is maintaining a support level from $10,895.46 USD to $12,034.14 USD and in the last 24(hr) high/low, the major crypto asset is hovering around $11,791.20 USD/ $11,294.43 USD.
On Aug 4, the influential day trader, Dave Portnoy, via Bitcoin Interview Challenge told to Winklevoss Twins who founded Gemini, the New York-based bitcoin and cryptocurrency exchange, “I Want To Buy All The Bitcoins.”
Dave is the founder of the famous Barstool Sports blog and an opinionated bitcoin opponent.
Portnoy, showing interest in Bitcoin, sparked charm among the conventional finance traders and investors and is much welcomed by the crypto-community too.
Bitcoin May Fall Back Soon
Traders might be confident on price rise, however, there is a less than 10% chance to Bitcoin price may return says the market watchers.
“a short term washout this year before the true rally takes hold.” Gavin Smith, General Partner, Panxora Crypto I Hedge Fund, said in a Cryptocurrency Predictions Report published by Finder on July 13.