Bitcoin dropped back below $9,000 as the recovery failed on approach to $9,400 resistance without convincing drivers to support nascent bullish momentum. BTC/USD is trading at $8,788.62, declining at 6.01% in the last 24 hours. The coin has seen a decline of 1.31% in the last 1 hour as well.
Bitcoin price may fly as high as $64,000 due to growing mining activity, which is roughly five times from current BTC/USD exchange rate, according to Fundstrat analysts. Experts believe that processing power needed to solve a mathematical puzzle, known as hash power will increase 350% in 2019.
Head of Data Science Research at Fundstrat, Sam Doctor says:
“We believe the current path of hash power growth supports a BTC price of about $36,000 by 2019 year end, with a $20,000-$64,000 range.”
Miners are likely to hold Bitcoin when its price falls to break-even for operating costs, and sell it when the price is growing to take profit, the expert explains.
Bitcoin is not alone in this market decline, the top 10 currencies show negative numbers as of today in the last one hour, last 24 hours as well as their 7-day average. This has caused one major change as Bitcoin dominance has increased by 1% despite its declining market performance. This is because all the altcoins experience a decline. Bitcoin dominance has increased from 36.4% to 37.4%.
To many in the cryptocurrency industry, this feels like a shock and they fail to understand the reason behind this price drop because a couple of days ago crypto experts were all excited about it breaking through the $10000 mark and predicted more than 100% by the end of the year.
In a state of confusion where eyes of the investors see declining numbers and organizations like Fundstrat sell a dream of a Bitcoin priced at $64000, one is bound to question the authenticity of the coin market and the base on which it is set.
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