Bitcoin price analysis for Bitcoin after falling to ten thousand five hundred dollars ($10,500) can be a dodgy territory for most traders. But let’s see if the thirteen thousand dollars ($13000) Bitcoin price prediction would come true?
The current fall makes the August 6 rally that had Bitcoin soaring high, all the way to twelve thousand three hundred and twenty-five dollars ($12,325), seem like a total waste.
Bitcoin has almost lost fifty percent (50%) of the three thousand dollars ($3000) increment that had it surfing above the twelve thousand dollars ($12,000) wave. The total market cap has suffered a six percent (6%) cut from its standing value.
The US president’s decision to impose trade tariffs on imports from China helped Bitcoin quite a lot to fuel up itself with more virtual bulk. A seven (7) percent decrease in the Chinese Yuan (CNY) was weighed against the seven percent (7) increase in Bitcoin Value. The numbers all did add up.
Further speculation on the BTC/USD pair sheds light on the pairs price reduction in the forty-eight (48) hour time interval- revealing that the Chinese currency had experienced appreciation by 0.26 per cent against BTC and 0.32 percent against US dollars.
Peter Schiff; the Gold enthusiast, the Bitcoin critic and also the CEO of Euro Pacific Capital Group tweeted:
Now that trade tension with China has eased, the pressure on the yuan is off. Those who bought Bitcoin to speculate on Chinese safe haven buying, which never happened, are taking their chips off the table. But with Bitcoin it’s much easier to put your money in than to cash out!
— Peter Schiff (@PeterSchiff) August 13, 2019
While a more pressing theory from Jacob Canfield, a trader featured on CoinDesk and CNBC, blames delayed transactions for the price drop due to Barclays Bank pulling out of the Bitcoin business.
— Jacob Canfield (@JacobCanfield) August 14, 2019
While a rebound can save Bitcoin (BTC), the odds of it happening -with the current downfall and the factual factors affecting the cryptocurrency – are quite low. Right now, the drop to the ten thousand dollars ($10,000) territory is a more likely scenario.
Bitcoin price analysis: Resistance/Support
The relative strength index (RSI) is below the fifty (50) mark, with it are the five (5) and twenty (10) day moving averages (MA) and the moving average convergence/divergence (MACD)- all that is bearish.
The support mark to currently test for BTC is at ten thousand ($10,000) dollars. The resistance for it is at the twelve thousand dollars ($12,000) mark.
Short term analysis changes nothing except for the fact that the ten thousand seven hundred dollars ($10,700) mark also acts as a resistance mark. Bitcoin won’t be very bullish after it crosses this, but this will help it to reach the eleven thousand dollars ($11,000) mark easily.
Bitcoin price analysis: Will BTC price hit $13800
Yesterday, Cryptopolitan.com reported that the Bitcoin price is predicted to fall further down. It would only happen as a correction before taking the next rally towards the thirteen thousand and eight hundred dollars ($13800) mark.
It appears that the Bitcoin price trend is following the same pattern as the prediction, and if the corrections convert into bullish support as expected, BTC price can hit the mark.
However, the king of cryptocurrency Bitcoin has always been more volatile than the predictions; therefore, putting the thirteen thousand dollars mark ($13,000) on a timeline would not be easy.
Past experience reveals that the price action marks have always jumped ahead or delayed than the expected time of arrival.