Bitcoin price analysis reveals that the king of cryptocurrency Bitcoin (BTC) has done it again. The wait is over, and the BTC price has finally rushed past eleven thousand dollars ($11,000) in a flash run.
After a prolonged period of wavering over the ten thousand dollars ($10,000) mark, has gone to the eleven thousand dollars ($11,000) mark. The key resistance is in shambles, while Bitcoin (BTC) enjoys its position in the market.
Speaking of the market, Bitcoin has again scored the mark. Yes, it sums up to sixty-seven (67.7%) percent of the total market cap.
The altcoins have been trying to keep up but haven’t been able to keep up with the king. Many of them are in the green currently but unlike Bitcoin (BTC) no altcoin, currently, is going through a massive surge big enough to be considered a successive step in keeping up with the crypto big boy.
At 7:77 UCT Bitcoin was being traded at eleven thousand five hundred and ninety-six dollars ($11,596.77) and was above the eleven thousand five hundred dollars ($11,500) tag for quite some hours.
A major rally might be expected that would take Bitcoin even further up on the charts due to the formation of a golden cross and The relative strength index being in the green. Not to mention that the moving averages (MA)- both the fifty (50) and the two hundred (200) MAs – show promising action ahead.
Analysts expect bitcoin to rally up by leaps and bounds. A jump fifty (50%) to one hundred (150%) and fifty percent increase is expected- based on conformation from previous records.
50/200 4hr ema golden cross during past bull market and this bull market always lead to move from +50% to +150% in average
We are very close to a golden cross now pic.twitter.com/KPjoKQngqO
— Coiner-Yadox (@Yodaskk) August 4, 2019
Did Tether boost BTC price?
The current rally has also put to rest the Tether boosting theory, although, only in part. This rally has nothing to do with the Tether boosts because, well, none happened yet. Tether (USTD) sits still at four billion ($4.026B) market circulation.
With the trade tariffs boosting Bitcoin (BTC) as issued by the US President, Donald Trump, and the Fed rate cut at two percent (2.25%), it seems that Bitcoin will again reach all-time highs that it has been to previously.
However, nothing concrete can be said as of yet because high volatility has always been Bitcoin’s number one ally.