The price increase is said to have taken place after the Chinese president endorsed the blockchain technology.
Bitcoin BTC price had increased by 40 percent of its value within a day, after which the price has retraced itself to below $9,300. The next anticipated resistances are at nine thousand and five hundred dollars $9,500 and ten thousand dollars $10,000.
At the time of writing the king of cryptocurrency, Bitcoin is trading at the $9261.23 mark with the support levels at $9171 and $9158 further down.
Bitcoin BTC price movement: What to expect?
Peter Schiff suggests that investors fear that the cryptocurrency has come on top in the short-term, which is why BTC might experience a fall in its price.
Bitcoin is perfectly positioned for a super cycle:
– Central Banks are printing more than ever
– Global debt as a % of GDP is the highest its been in recorded history (peacetime)
– Structural risks in the financial system haven’t been resolved
I’m not fucking selling. pic.twitter.com/UFCpEprSM9
— Dan Hedl (@danheld) October 29, 2019
Some investors are expected to see the cryptocurrency stop at the price level of $9,000, with little to no chances of moving towards or above the $10,000 price mark.
This will make supply go upwards and demand drop downwards. Although the support at $9,000 is not strong enough, the bulls may exhibit strength at the support level at $8,500.
The cryptocurrency market is expected to experience a bullish trend in the upcoming month. While a pullback is in order, Bitcoin is destined for a bullish trend in the month to come.