From around $7400 to above $10,500 per coin, the Bitcoin had a dream run on October 25, marking a jaw-dropping gain of over 40% in a matter of some hours. Since then, though the coin has shed around $1000, the king coin is consolidating around $9,500 to keep the upward momentum going.
At the time of this writing, Bitcoin is trading at $9474. It is significant to note that despite the price turmoil over the last week till October 24, Bitcoin has managed to avoid the so-called Death Cross – a market pattern that takes place when the 50-day moving average falls below the 200-day moving average.
Experts are of the view that so long as the Bitcoin can stay above the key support level of $8,500 this week, the largest cryptocurrency will experience more gains and will hit $12,000 mark before the end of this year.
Bitcoin has registered some impressive gains over the last more than a couple of days after being in a lull period in recent weeks. The $8,500 support has previously acted as a crucial support for Bitcoin. I believe that if Bitcoin traders can keep the price above this over the next week, the world’s dominant cryptocurrency will experience a breakout, said Nigel Green, the Chief Executive of the deVere Group financial advisory firm. Green, who is also a prominent cryptocurrency analyst, believes that Bitcoin will experience more gains and will hit $12,000 before the end of the year – so long as it can stay above the key support level of $8,500 this week.
Green is not the only expert who is positive about Bitcoin. Other market analysts claim that geopolitical issues – such as Brexit and the escalating trade war between the US and China – could see investors turn to bitcoin and other cryptocurrencies due to uncertainty in traditional markets. The recent gains could also serve to prompt even more investment, as traders seek to make a quick profit from Bitcoin’s sudden good fortune.
Another expert, Marcus Swanepoel, CEO of cryptocurrency firm Luno, said that after the quick push higher, there will be profit-taking but the overall change in sentiment is very positive.