Bitcoin Price Is Not Going Up Without Experiencing Corrections Along The Way
- Bitcoin could reach $15,000 in the near future
- However, the way up to that price level might not be easy for the digital asset
Bitcoin (BTC) has recently surpassed $10,000 and the virtual currency could keep growing in the future. Although there are many analysts that predict Bitcoin to continue its upward trend, there are going to be some bumps across the way.
Bitcoin’s Road To $15,000 Will Not Be Easy
Bitcoin and other virtual currencies have been in a bear market throughout 2018. This was something that affected the whole space and that didn’t allow projects to continue expanding. However, things seem to be getting better and better for Bitcoin and many other digital currencies.
In 2017, Bitcoin grew from around $950 to $20,000 by the end of the year. However, the way until reaching this price level was not so easy as many suppose. In 7 months of the year, the virtual currency experienced price retracements of over 30%. In September 2017 after China announced they were banning crypto trading activities and Initial Coin Offerings (ICOs) on its territory, the price of Bitcoin dropped over 40% from $4,970 to $2,980.
That shows that Bitcoin is going to be experiencing these price drops and corrections during the next bull market as well, even if the virtual currency surpasses $15,000. After November 2017, Bitcoin surged to its highest price ever and then it fell down to $6,000. As mentioned before, 2018 was not good for Bitcoin, and as the virtual currency fell, there were moments in which the market reacted positively for a short period of time. Nevertheless, these movements were not enough for Bitcoin to recover, and the bear trend continued until Bitcoin dropped to $3,200 in December 2018.
Bitcoin could now be dropping under $10,000 and be traded close to $7800 to be close to a drop of around 30%. The digital currency will be testing its new resistance levels and it is possible to see a consolidation period before a new price increase to $15,000 or even higher.
According to Tyler Winklevoss, one of the two Winklevoss twins, Bitcoin is expected to reach $15,000 now that it has surpassed $10,000. Other individuals such as Thomas Lee suggested that the most popular cryptocurrency could end this year with a price of $40,000.
Finally, Peter Brandt, a recognized analyst and chartist, wrote that Bitcoin could eventually hit $10,000 in the future. The digital currency is also experiencing its fourth parabolic phase since 2010.
About it, Mr. Brandt commented:
“No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”
Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other. pic.twitter.com/wE4j3riMgI
— Peter Brandt (@PeterLBrandt) June 22, 2019
At the time of writing this article, the most popular virtual currency is being traded around $10600 and it has a market capitalization of $188 billion. The digital asset was also traded above $11,100 for a short period of time after the crypto market entered a FOMO (fear of missing out) stage.
Due to this massive price increase, other digital currencies in the market are also experiencing gains. Bitcoin Cash (BCH), for example, is growing 9.81% in the last 24 hours. Ethereum (ETH), XRP and Litecoin (LTC) are growing 4.16%, 7.11% and 3.04% respectively during the same period of time.
Bitcoin’s price is $64,620.14 BTC/USD exchange rate today. The real-time BTC market cap of $1.22 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $22.57 Billion and live coin value change of BTC 3.20 in the last 24 hours.