Just like Bitcoin struggled around $8,000 since first breaching this level on May 13th, the leading cryptocurrency is struggling to touch $9,000 mark. On May 27th, Bitcoin reached above $8,900 but remained just shy of touching the $9k mark.
- If BTC cross the $8,850 level, we will “blow off top” that will take us over $9,000
- USD loses 99.99% of its value against Bitcoin 2011-2019
- Time to be long on Bitcoin, What about being bullish?
Currently, BTC/USD is trading at $8,700 with 24-hours gains of about 1 percent while managing the daily trading volume of $783 billion per Messari’s Real 10, 24 hr volume.
According to crypto trader and analyst, DonAlt, Bitcoin will wither range here or bleed down. However. If we manage to cross the $8,850 level, he expects “a blow off top” that will take us over $9,000.
Impressive recovery rally off of the 8400 level everyone was watching.I’m still happy with being risk off BTC, risk on altcoins here.I think the meat of the BTC move is done.Concentrating on Alt/BTC pairs now.
BTC longs want to see this H4 trading range reclaimed. pic.twitter.com/7ysxBUyqel
— DonAlt (@CryptoDonAlt) May 29, 2019
Talking about this surge Mati Greenspan, senior analyst at eToro write:
“The recent surges in Bitcoin are mainly based on the supply side. There’s already a shortage of Bitcoin in the world and with the halving event coming up next May, the countdown to even less supply has already begun.”
Though Bitcoin is experiencing a pullback currently, it surely is on its way to having the longest running winning streak in about a year and a half.
In May 2019, Bitcoin posted the returns of 63 percent while in August 2017, the world’s top cryptocurrency registered 65.7 percent gains and before that in May 2017, BTC was up 70 percent.
— Weiss Ratings (@WeissRatings) May 29, 2019
USD Loses 99.99% of its Value against Bitcoin 2011-2019
The price of the flagship cryptocurrency has increased about 170,000 percent in the past seven years during the period of 2011 and 2019. However, while Bitcoin rose significantly, USD lost about 99.99 percent of its value against BTC.
This trend is similar to the behavior of Germany’s paper mark that went through hyperinflation during the 1920s.
— planB (@100trillionUSD) May 27, 2019
Time to be Long on Bitcoin, What about being Bullish?
In 2020, the third Bitcoin halving would be happening and everyone is talking about this event. The historically bullish event will cut down BTC’s supply and make it even more valuable. Currently, there are 17,730,962 BTC in circulation, nearly 85 percent of the Bitcoin that will be ever produced that is 21 million. This means, there are just over 3 million BTC left to be mined.
This halving event has the Bitcoin price following a parabolic rise that led to BTC price to about $20,000 and will have the next peak at a much higher figure.
Talking about this parabolic rise, Magic Poop Cannon who remains steadfast on his another 40 percent drop incoming yet again pointed out how the current rally has the price above the ribbon by 55 percent.
Though, Magic sees Bitcoin dropping down to severe lows in October 2019, majority of the crypto experts, investors, and traders are bullish and calling out that we are in fact in a bull market.
In the short term, BTC might take a few pullbacks, but what we’ll be seeing is a new ATH in the long term.
- Source: First Appeared Here
- Published Time: 2019-05-30 15:00:21
The views and opinions expressed in the article Bitcoin on Track to Post Longest Winning Streak since August 2017 do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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