Wednesday, February 21, 2024

Bitcoin’s Shilly Shally Approach – But How Far Can it Go?

Bitcoin’s Latest Price Analysis

Good news for the Bitcoin traders! BTC is finally having its bullish days after a bearish week. From $9,881.51 the leading crypto-currency is hitting approximately $10,000.  The price first fell to $9,885 and then rose up to $10,470. On 17 Aug, 4:09 pm UTC the price of Bitcoin stands at USD10, 352.10. Looking at the market cap, it is currently $184,600,051,169 whereas the 24-hour volume is calculated to be $19,498,515,719. Last week the lowest price of BTC was $9,675.32 and the highest reaching $11,862.68.

Will Bitcoin Break the Shackles Before the End of the Year?

BTC has been growing in the past few months and if it continues to do so it may even break the shackles and reach up to $11,000 mark. Considering Bitcoin’s RSI is at 60, there is some stability present. However, according to Saxo Bank it is predicted that the price of BTC will increase but will eventually crash because of the new laws regarding cryptocurrency introduced by governments.

Thomas Lee, the co-founder of Fundstrat, has predicted BTC to be a safe haven this year. He has pointed out that ever since 2018 the price of BTC has tripled so keeping this in account, there is a potential in BTC to go even higher in the future. Since it does not get affected by stocks and bonds, the chances of its success are high.

Lee has stated that Bitcoin “is just resting” but is expected to hit bullishly by the end of 2019. He stated:“I think it’s going to be much higher by the end of the year, and potentially at a new all-time high. I think anyone who wants to have a 2% or 1% allocation to Bitcoin as a hedge against a lot of things that could go wrong — it’s a smart bet.”

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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