Analysts Predict Bitcoin Will Surpass $9,500 This Year But Expected Pullbacks Are Part of the Game
Since the beginning of 2019 up until now, the price of Bitcoin has seen a cumulative surge higher than 110 percent. This has led to a lot of activity in the market but also a lot of speculation and forecasts.
Very recently, a new poll as directed by Finder – a US website for comparisons – has revealed that most experts and analysts believe that there still is a lot more to come regarding the Bitcoin price rally.
Further Price Increase
The experts who supposedly are from BitBull Capital, Arca and also a few others, seem to agree that by the end of 2019, Bitcoin will have surged 22% more than its present levels to reach $9,659. Furthermore, these experts also seem to agree that the journey to the near $10,000 mark would not be without a few hindrances.
Pullbacks to Be Expected
According to the report, a few times before the year is over, Bitcoin would have to go through a few sure pullbacks that will shake the price up a little. However, it has been noted that these pullbacks would be relatively healthy and will only be a small part of the $10,000 journey.
Before now, another noteworthy technical analyst, Josh Olszewicz, has said that the Ichimoku Cloud – a collection of technical indicators that show support and resistance levels as well as momentum and trend direction, calculating them using multiple averages – suggest that at the moment, Bitcoin is a little too overbought.
According to Olszewicz, the pullbacks could even go as low as $6,150 based on the Cloud because the Cloud’s indicator for bullish behaviour and resistance for bearish behaviour, points to the price. Furthermore, Olszewicz believes that since the one-day chart’s Relative Strength Index (RSI) is as high as 90, a lower price might be inevitable because the index proves that the asset is seriously overbought.
Bitcoin shot past $8,000 and even went as high as $8,300 on some exchanges. However, since the pullbacks began, Bitcoin has seriously struggled to hit the mark again or even cross it. At the time of writing, Bitcoin is valued at $7,841 with a market cap of around $139 billion.
Some experts have also said that the next major resistance level that Bitcoin needs to surpass to continue its bullish run if it will cross $9,000 is somewhere around $8,200. Generally, if Bitcoin has enough strength to cross that mark, then even more than the $9,600 is possible.
According to a tweet by Crypto Price Action Trader UB (@CryptoUB):
“$BTC – I'm long.
– ETF delayed.
– Range Low reclaimed on LTF (Must continue to hold for LTF bullish argument)
I'd like to see the EQ reclaimed as support ASAP.
The next test of ~$8.2k will be the 7th Test. I believe we make our way to $9.3k – $9.5k next. #Bitcoin”
The mainstream adoption of cryptocurrency, especially Bitcoin, is still regarded as one of the major reasons Bitcoin will push past most predictions and succeed. At the moment, many of the world’s giant companies are considering or already applying blockchain and cryptocurrency solutions to a lot of their dealings and this will definitely push the price.
The Chief Operating Officer at Kinetic Capital – a cryptocurrency trading firm – has corroborated this view and also added that the market is a lot more developed. Speaking on the reason for the bear market last year and why such a bad occurrence might not happen now, David Wills said:
“Last year, the bear market was in part caused by the fallout from many loss-making, unsuccessful initial coin offerings, and the participation by [a number of] questionable players that attracted regulatory scrutiny in cryptocurrencies.”
Right now, Bitcoin is still struggling to hit $8,000 again and the entire market and even non-crypto financial experts are watching.
Bitcoin’s price is $50,034.76 BTC/USD exchange rate today. The real-time BTC market cap of $932.94 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $13.87 Billion and live coin value change of BTC 3.31 in the last 24 hours.