At the time of writing, Bitcoin (BTC) is trading just above $11,055 after price crashed close to 23% from $13,800 to $10,500 during the weekend.
It seems the hypothesis that weekends are good for Bitcoin may not always be true, even though Bitcoin price is now higher than it was one week ago as BTC consolidated above the key $11,000 level during Sunday.
Will Bitcoin bounce back? Or will we see more major retracements back to the $7,000 – $8,000 region?
Bitcoin has experienced a major rally that has taken its price upwards close to 50% over the past few weeks. Even with minor retracements, the market is moving positively with higher lows each time it falls, meaning we should expect BTC to continue its climb towards $13,000 – which in my opinion might come within the next couple of weeks.
Last week, I also mentioned how I’m still bullish even though I believe we’ll see 30% to 40% corrections.
Prominent Bitcoin trader davincij15 has claimed all bull markets are expected to suffer large corrections of around 30-35% of the total highs in the early stages.
This means we could still see Bitcoin touching its 100-day EMA or even its 200-day EMA despite the bull cycle (which can last a couple of years). Don’t forget we’ve seen similar movements during previous cycles in 2013 and 2016-2017.
Nevertheless, I consider Bitcoin to be in a bull run when the 20-day EMA is above the 50-day EMA and the latter is above the 200-day EMA. As we’ve already accomplished that goal, I personally think the bears have retreated and bulls are now firmly in charge.
Corrections are expected and welcomed so that we can accumulate even during bull seasons.
$10,000 per bitcoin is absolutely justified given the current level of adoption.
The Bitcoin blockchain has remained consistently above 3.5 TPS since January (1st graph) & deals @LocalBitcoins has remained above $50 million a week since reaching this level in 2017 (2nd graph). pic.twitter.com/zHa2AgOD4A
— Mati Greenspan (@MatiGreenspan) June 21, 2019
Volume also seems to be increasing as well. Over the past two weeks, volume has gone from $17 billion to $23 billion, consolidating now around $20 billion.
Putting all this information together, we’re now clearly on the right path to reach $15,000 – or maybe even $20,000 – by the end of 2019.
Of course, if you think I might be overreacting to positive news, you can always check what other expert analysts have to say about this recent price movement.
Hopefully, the market will continue this positive momentum.
Pay attention to retracements back down towards the 200-day EMA to make new entries.
Current live Bitcoin pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On 3rd January 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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*The views and opinions expressed by the author should not be considered financial advisement. The author is not a professional trader, nor investor.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.