Bitcoin has managed to achieve a decent rise in value after it dropped to about $9,000 recently. As as the time of writing this article, the coin is now valued at $10,600; apparently, it has managed to wake itself up from its slumber. However, a guest from Bloomberg (a Tech company that delivers businesses and markets news, data, analysis) recently suggested that despite this strong comeback from Bitcoin, it may likely have a further fall. He said this while giving a Bitcoin price analysis.
Bitcoin News Today – Bitcoin Price Prediction 2019 – Best Time To Buy Bitcoin
The chief technical strategist of Macro Risk Advisors, John Kolovos, explained why he thinks Bitcoin prices may decrease significantly in the coming days. During this Bitcoin price prediction and Bitcoin price analysis session, Kolovos inferred that the double topping of Bitcoin in the past months between the region of $13,000 – $14,000 may have a strong pullback effect.
Bitcoin (BTC) Price Today – BTC / USD
He noted that such topping is usually a technical pattern signaling weakness in markets if the top fails to be broken convincingly. He also stated that a look at the cryptocurrency’s previous bull cycles, the Relative Strength Index (a momentum oscillator that measures the speed and change of price movements), usually read 40, which simply tells than an item is a little bit oversold. Currently, the indicator still reads around 50.
This, Kolovos suggests, is a sign that there may be an inevitable drop in Bitcoin prices. According to Timothy Peterson who is a renowned crypto fund manager, fundamental Bitcoin price analysis have established a fact that the coin is somewhat overvalued in its current state. The current active account figure of Bitcoin suggests that its value could be somewhat inflated. According to a model by Peterson, which takes a 30-day median (as of the 30th of July) of the number of active accounts on the Bitcoin blockchain, bitcoin as it stands, has a valuation of just above $8,000.
In Bitcoin news today, this is the Bitcoin latest update:
Bitcoin is steadily rising above $10,500, as it is recovering from its weekly low of $9,000 at an impressive rate. Quite clearly, is entering a phase of indecisiveness.
The Bulls are apprehensive as they know an attempt to reach a critical-high of $11,000 may see them suffer a downside which may end up as a good day in favor of the Bears if their attempt fails; leading to a drop in Bitcoin prices to between $9,000 – $8,500, when the $9,000 support isn’t supportive.
The BTC/USD is intertwined at $10,631 with daily gains of 0.9%. Although the price is hitting on the Bollinger Band 1-h upper, the direction the Bitcoin price is most likely going to follow is sideways.
Even though Bitcoin is experiencing a steady increase and has risen above the $9,000 mark and is now set at $10,600, Bitcoin price analysts aren’t convinced that it will continue its steady growth for long. Many think Bitcoin will soon experience a deplete in price value, which for some, is inevitable according to statistical values based on the Relative Strength Index (RSI). For smart Bitcoin buyers, exercising a little bit of patience for some time may see you buy Bitcoin at $8,500 if the Bitcoin price predictions are correct.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.