Bitcoin Dominance Hits 70% while Analyst says “Not much stands in the way of 2019 High”
- Bitcoin bull Max Keiser says $15k this week and BTC dominance at 80%
- If BTC closes this week at $11,733, Analyst doesn’t expect to see 4 digit BTC again
- Bitcoin bulls are back in the game.
In a matter of a few days, we jumped above $10,000, crossed $11,000 and now reaching for $12,000.
BTC/USD has been trading at $11,820, at the time of writing with 24 hours gains of 10.33% while managing the daily trading volume of $1.9 billion that continues to increase, as per Messari.
BTC waking up again. Up and down but long term steady growth is apparent. The "Thin Air", as @realDonaldTrump calls Bitcoin, appears to have an energy based on some real substance. pic.twitter.com/3jSRlFbZS2
— John McAfee (@officialmcafee) August 5, 2019
Before this weekend’s and today’s move, analyst and traders have been calling out a drop to $8,500 or $7,000. However, now directions have changed.
Analyst and trader, Crypto Wolf projected $8,000 on August 2nd but today it invalidated as BTC closed above $11,200.
Bitcoin Bull says we will hit $15k this week
According to Josh Rager, crypto trader, and investor, the flagship cryptocurrency has clear skies on the weekly and monthly chart as not much stands in the way of the previous high at $13,880.
Bitcoin bull Max Keiser, however, is even more bullish and expects BTC to trade even higher, at $15,000 this week.
I’m sensing #Bitcoin will cross $15,000 this week. Confidence in central governments, central banks, and centralized, fiat money is at a multi-decade low.
— Max Keiser, tweet poet. (@maxkeiser) August 3, 2019
He has other reasons to believe this as he says,
“Correlation does not equal causation, but whenever I burn a few thousand USD, BTC price goes up significantly.”
Bitcoin rose from $9,000 to $20,000 in under three weeks.
Just a reminder.
— Rhythm (@Rhythmtrader) August 5, 2019
Having said that, Rager also warns that a lot can happen during the week that includes a pullback. Danger for a trend reversal could be when price breaks back down under $11,000.
As for the $8,000, he says if Bitcoin closes this week at $11,733, he doesn’t expect to see 4 digit BTC again.
BTC Dominance Heading to 80%
The reason behind Bitcoin’s uptrend on Monday has been USD CNY popping $7 mark as China’s central bank has fixed it at 6.9225.
$USDCNY popped $7 as China's central bank fixed it at 6.9225 (+229 pips), signaling market had green light to trade it higher. They later reinforced the message by stating "Foreign Exchange Market Can Find Its Balance On Its Own".
— Alex Krüger (@krugermacro) August 5, 2019
Bitcoin soaring has its dominance rising as well. Currently, it is at 70.35% as per TradingView, last hit in July 2017.
“Bitcoin dominance tops 67.4% heading to 80% as predicted in January. BTC zooming higher on fiat chaos in China and around the world as predicted. Gold continuing to breakout on the upside as predicted,”
With the way things are going, BTC could very well be expected to smash 80% target in the coming days.