Another Great Day to be a Bitcoiner with a Set Path for $1 Million Price Point
- If BTC closes above $13,863, it has clear skies with no price history resistance overhead
- Bitcoin riding the greens while altcoins are drowning in red
- Fed signals rate
Bitcoin is enjoying the bulls as it smashes past $13,000 yet again after failing to maintain this level on June 26th.
Up by 3.88 percent in the past 24 hours, BTC/USD has been trading at $12,838.
According to the crypto trader and investor, Josh Rager, if BTC closes above $13,863, the previous high,
“it will be clear skies with no price history resistance overhead, only support.”
Bitcoin hitting all-time high now seems to be just a matter of time.
— PlanB (@100trillionUSD) July 10, 2019
A High as high as $1 Million
According to Mark Yusko, crypto bull and a fund manager, Bitcoin has room to run up to $30,000 before we see another major correction. Given the way BTC has surged in the past 3 months, over 150 percent, it is very much possible.
However, it’s just a near term target, by 2020, he expects BTC to hit $100,000. But this is not the endgame for Bitcoin, according to Yusko. In another of his interview, Yusko said, BTC could go as high as $400,000 to $500,000.
But BTC could very well go much higher, as high as $1 million.
— PlanB (@100trillionUSD) July 9, 2019
While Altcoins are Losing
The surge in bitcoin price, however, is not having any effect on altcoins that continue being deep in the red.
As a matter of fact, the top 19 altcoins are in red up to almost 7 percent.
While Bitcoin is up in the green, altcoins are bleeding, Source: https://messari.io/onchainfx
Altcoins are showing no signs of recovering and experts aren’t expecting an alt-season yet. A further drop is not out of the picture either.
In consequence of the growth of the main cryptocurrency and the fall of the TOP #altcoins, the BTCX index has reached a figure of 78%, updating the maximum of this year.
Note that BTCX is an analog of the dollar index for classical financial markets.https://t.co/rqstgoB9pH
— DataLight (@DataLightMe) July 10, 2019
This has BTC dominance climbing to 65.4%.
What’s interesting is, unlike altcoins, Bitcoin has been profitable to buy and hold in 3,777 days out for 3,837 days, that is 98.4% of days, since its creation.
“Don’t get distracted by the noise.”
Meanwhile, Fed Chairman Signals Rate Cut
Another interesting development seen today is the positive signal given by the Federal Reserve chairman Jerome Powell to the rate cuts.
He said the downside risks to the US economy are lingering due to weak inflation and trade wars, cementing traders' bets that a rate cut is coming this month.
There is also mounting pressure from President Donald Trump and slowed economic momentum in foreign economies that could affect the US economy, federal debt ceiling, and Brexit.
The New York Fed's recession indicator is now at its highest since 2008. pic.twitter.com/l5RG8Gm8RY
— Tracy Alloway (@tracyalloway) July 9, 2019
These macro factors might not be affecting BTC price right now as pointed out by economist and trader Alex Kruger who says unlike stocks and Gold that reacted positively to this, BTC “did not even flinch to Powell,” but in the long run and in the bigger picture, it is certainly setting the path to BTC’s $1 million targets and becoming a store of value.