Bitcoin (BTC) has exhibited a stunning run during the previous week, showing a breakthrough to the $10,000 price line. Since then Bitcoin BTC price is apparently unable to break past the resistance.
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 Held (@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.