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Bitcoin [BTC] prices are likely to go higher since consolidation was witnessed at a high, claims Tone Vays

Biraajmaan Tamuly

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Bitcoin [BTC] prices are likely to go higher since consolidation was witnessed at a high, claims Tone Vays
Source: Pixabay

The cryptocurrency community was left in confusion and exhilaration over the past few days after Bitcoin [BTC] pumped again and the valuation breached $8000.

While many analysts were left uncertain and hesitant, Tone Vays, Bitcoin proponent and analyst, stated that he did not trust the current Bitcoin rally from a fundamental perspective, since he did not have any idea about what was behind the price hike.

He said,

“There is absolutely nothing fundamentally changed in Bitcoin. Do I think Bitcoin will reach $100,000 a coin? Yes! Do I think it will happen tomorrow? No.”

Vays also suggested that traders needed to be cautious if they were going to chase the current rally. Vays considers the present market movement as a major bull run, stating that any kind of pullback which would mark a “secondary low.” Hence, the bull phase would be solidified more prominently.

According to his analysis, there were “potentially” three more weeks for a major price hike. The coming three weeks could be highly significant for Bitcoin and there was a chance, it might take the valuation of Bitcoin [BTC] somewhere close to its all-time high.

However, he cautioned that since Bitcoin [BTC] did not experience a 30 to 40 percent pullback and the price consolidated above the range of $7000, the natural characteristics of a trend were also likely to face a drop.



Finally, Tone Vays added that in the current scenario, Bitcoin [BTC] was consolidating above the $8000 valuation which indicated that if there was consistent consolidation at a high, the probability of prices going up was likely to grow higher. He stated that once Bitcoin [BTC] breached the $7400 resistance, the next major resistance was at $9942.

Additionally, he added that the consolidation of prices at a higher level will further dictate where the market was heading in the long term, as other than that, no other fundamental changes were relevant.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin [BTC]: Don’t buy BTC at the top, buy it right now, says CNBC’s Brian Kelly

Akash Anand

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Bitcoin [BTC]: 'Don't buy BTC at the top, buy it right now', says CNBC's Brian Kellyq
Source: Pixabay

Bitcoin’s [BTC] rapid movement on the cryptocurrency charts revitalized an industry which was touted to be dead and buried in early 2019. The events over the past few weeks have not only increased the value of Bitcoin, but have also assisted in raising the collective market cap and the prices of other cryptocurrencies.

Giving more insight into this market movement was CNBC’s Brian Kelly, who touched upon the price fluctuations, as well as where the world’s largest cryptocurrency can go from here. The Bitcoin baller claimed that the 100 percent bounce back from Bitcoin’s lows was a great incentive for new investors. It also provided a reprieve for existing players in the market. Kelly claimed,

“Investors are wondering what the next market driver could be and in my opinion there are a couple of things. First of all we are starting to see the institutional players get into the field, evidenced by the entry of Fidelity and other such companies. Even the retail perspective is huge, with TD Ameritrade investing in Eris X with sources claiming that the organization will open BTC trade for customers in the  next three to six months.”

Kelly also spoke about how the market was entering a phase of a supply cut, where the supply of Bitcoin gets cut in the overall spectrum of the market. According to him, there is generally a price rally a year into the rise and a year out of it, and the combination of the supply cut and the rise in demand will be beneficial to Bitcoin’s price.



The CNBC official was also careful to inform holders and investors that while the price is holding at this point, people need to be careful since the market might be in the mood for a reversal. He warned,

“Do not buy it at the top but rather buy it now.”

At the time of writing, Bitcoin was trading at $7943.23, with a total market cap of $140.712 billion. The 24-hour market volume was holding at $24.816 billion and the BTC market was moving up by 0.45%.





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