Has Bitcoin Bottomed or Big Drop Approaching? Crypto Analysts Weigh In
This week has turned out to be really good for the crypto market. From about $7,770 on Oct. 7 to today’s highest point at $8,820, Bitcoin's price rose 13.5%. What’s interesting is each day, Bitcoin is making a new high.
The latest hike in BTC price coincided with the newly minted 20 million USDT.
ONE REASON FOR THIS https://t.co/9XsS3f8Ey3
— Bit฿it (@BitBitCrypto) October 10, 2019
However, the price has since then fallen back. At the time of writing, Bitcoin has been trading at $8,300 with 24 hours loss of 2.38%, as per Coincodex. Trading volume in the meantime remains low at just about $415 million.
— WhaleTrades 🐳 (@WhaleTrades) October 11, 2019
After months of continuing to lose value, Bitcoin has started to climb upwards. However, $8,800 is still the key area for the digital asset to break above.
Currently, the price is finding support around $8,400-$8,500 area. But if the going price increase continues, analyst Galaxy says, “we should resume the uptrend to $9-10K after a couple of days of consolidation.”
Meanwhile, analyst Crypto Wolf believes Bitcoin has “bottomed already.”
However, not everyone is bullish on the BTC price yet.
“I'm expecting an impulse up to reclaim the range low and take out the hurdles and run the range high and the stops at 8770-8800 zone,” said Crypto ISO.
According to analyst The Cryptomist, the “reversal is imminent.”
“Big drop approaching (new lows) as we have a 4hr rising wedge on RSI. Still could climb tad higher upon apex before dump,” she said.
Bakkt Making Progress
Elsewhere, Bakkt made an all-time high (ATH) of 212 contracts in BTC trading volume. The physically delivered BTC trading platform started with just 72 contracts and since then, it has seen a surge of a whopping 195%.
Tim McCourt, CME Group’s global head of equity products and alternative investments, however, is expecting this new product to be as popular as Bitcoin futures and be a hit with Asian traders and miners.