Bitcoin (BTC) Bulls Likely To Shatter $10,000 As Libra, Institutions Fuel Price Rally
Today’s Bitcoin (BTC) News
It is increasingly becoming clear that Bitcoin’s metamorphosis places the world’s most valuable coin as a settlement layer. Bitcoin is a reliable platform from where users can transmit value across geographical boundaries without denting their pockets as they would through legacy financial institutions.
This no doubt is a game changer and as BTC continues with its rapid climb, external tailwinds from Facebook’s announcement of Libra, could see additional gains over the weekend. That is a boost and considering what’s on the table, the stakes are high.
If anything, Facebook is keen on creating a circular economy. Taking advantage of their solid and extensive user base, Libra will approve and introduce to the world, cryptocurrencies which are border-less and global.
At a vantage position will be BTC with its mega valuation, dominating both in transaction volumes and hype. Besides, coupled with next year’s halving and even the possibility of the US SEC finally approving a Bitcoin ETF allowing for institutional investment subject to better monitoring tools, BTC could soar to new highs surpassing the peaks of 2017.
That, for the skeptics, is far-fetched, a pipe dream. However, supporters are overly optimistic of future prospects. A mark of grit has to do with the resilience of prices in the face of FUD and institutions beginning to sit up and understand how disruptive BTC and cryptocurrencies can be disruptive.
With infrastructure through better monitoring and custodial options, there are more participants in the market keen on safeguarding the network’s integrity. To that end, Bitcoin’s hash rate spiked to new all-time highs on June 19, racing past the 60TH/s level to 65 TH/s.
BTC/USD Price Analysis
1 BTC/USD =$57,148.9852 change ~ -0.32%
At the time of press, BTC is changing hands at $9,886 across major exchanges and 19 percent higher from last week’s close. In the past 24 hours, the coin is up 6.1 percent and less than $50 away from the psychological round number at $10,000.
This level, according to Tom Lee, is a FOMO level whose breach could see unprecedented demand lifting BTC to $15,000 and even $20,000 in short bursts. And candlestick arrangements are supportive of this assessment.
Within a bullish breakout pattern following the rally above $8,500 and May highs of $9,100, there is opportunity for traders to ramp up on dips as long as prices are banding along the upper BB and firm above $9,100 or May 2019 highs.
As aforementioned, any rally past $10,000 should ideally be with at the back of high trading volumes exceeding 31k of May 30th or even 47k of May 14th as the bear divergence pattern is corrected. Such a surge in participation lifting prices above $10,000 will confirm buyers of April and May forming the foundation for new 2019 highs ahead of 2020’s event-filled calendar.
All of Today's Bitcoin Price Analysis, Chart Forecasts and Industry News
Chart courtesy of Trading View—Coinbase
Disclaimer: Views and opinions expressed are those of the author and is NOT investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.