Don’t Get Fooled by Bitcoin’s Upward Move, Price will Soon Go Down Again, Warns Traders
- A drop below $8,000 still in the picture.
- Bitcoin network is stronger than ever as the hash rate is at its all-time high (ATH)
Bitcoin might be in the green by 1.10% while trading at $10,156 but trading volume is dropped down from over $1 billion yesterday to around $654 million, at the time of writing, as per Messari.
A positive change in the BTC/USD price, however, has turned out good for the altcoins as cryptocurrency market registers gains, with RavenCoin (7.76%), Ethereum Classic (7.15%), and, VeChain (5.13%) in the lead.
Despite Bitcoin going above $10,000, experts are not convinced with this spike in price BTC saw after falling to $9,750 level yesterday.
“In the short term, I’m a little bit cautious,” CNBC’s crypto investor Brian Kelly told the network on Friday. In the longer term, however he says there is a “generational buying opportunity” in Bitcoin.
— CNBC's Fast Money (@CNBCFastMoney) August 22, 2019
Trader Crypto Squeeze is expecting the price to move up to $10,500 level but it “doesn't exactly instill confidence in moving up past $11,000.” Another trader shared his bearish project in the near term.
“And as promised, up we go. But dont let you fool by this move. BTC will soon go down again. We have already made money on our Short. And we are about to re-short soon.”
$7,948 is the target Crypto Squeeze is looking for next.
On the other hand, the Bitcoin network is stronger than ever as the hash rate is at its all-time high (ATH).
Bitcoin Hashrate all-time-high
Not clear why miners would rush to add capacity into an event next year where the rewards will be halved
They must be very confident in their competitiveness or very bullish on price! pic.twitter.com/yfr6Fb2Ldk
— skew (@skewdotcom) August 23, 2019
Next year in May, Bitcoin would go through its third halving that would cut down the miner rewards in half.
Recently, the rainy season in China destroyed the fourth-largest active pool on the Bitcoin network, Poolin.
However, bitcoin network performance hasn’t been impacted as hash rate continues to reach new highs.