Bitcoin Price Analysis: Bitcoin Crosses $10000- It’s a Gatecrash or an Invitation?

The king of all cryptocurrencies, Bitcoin (BTC) has finally shut all the mouths that have been speaking against it. After a short yet dark phase of fall in …
  • Bitcoin (BTC) crossed 10,000 USD, even touched 11,000 USD for a while.
  • The target price for year’s end should be revised to being 15,000 USD from 12,000 USD.

The king of all cryptocurrencies, Bitcoin (BTC) has finally shut all the mouths that have been speaking against it. After a short yet dark phase of fall in the last quarter of 2018, the coin’s credibility as a stable coin was questioned. However, the coin has got its highest value over the previous 15 months by crossing 10,000 USD. It should be noted that the coin had even breached the unanticipated 11,000 USD yesterday. The major growth story started on 20th June at 08:55 UTC when the coin gained 631.50 USD over one day. And by 22nd June 13:15 UTC, the coin acquired another 1322 USD to print its name on 11,000 USD mark finally. However, there are still questions on the sustainability of Bitcoin at this price level. The medium-term outlook is bullish, and by the end of 2019, the value is likely to rise beyond 15,000 USD, which was first claimed to be 12,000 USD. Let us analyze the current details of the coin.

Bitcoin Price Chart- june 23Bitcoin Price Chart- june 23

Bitcoin (BTC) 23rd June 04:59 UTC
Rank 1st
ROI (Return on Investment) 7,818.16%
Coin Circulation 17,774,675 BTC
Market Cap 190,400,041,351 USD
Value in USD 10,690.33 USD
All-Time High 20,089 USD
24h Volume 26,113,490,228 USD

BTC to USD Price Comparison-

Bitcoin (BTC) has been stable for a significant period since the starting of this year. However, the coin started growing after the April boom. Between 29th April and 15th May, the coin gained 57.82%, which made the coin to go beyond 8000 USD mark. But this growth was followed by a short-term fall of 10.67%, which had a duration of 3 days. The next significant variation happened between 2nd June and 9th June, when the coin lost 11.96%.

But the latest growth is the talk of the ton. Since 9th June the coin has been progressing consistently. Over these 13 days, the coin has gained 37.74%, and this helped the coin to go beyond 10,000 USD. The market cap on 23rd May was 135,311,890,315 USD, and the value of each coin was 7831.88 USD. The current market cap and the value of each coin are respectively 40.71% and 36.49% more than the values of the last month.

BTC Price Prediction-

Looking at the current price trend, one should not be more than required ambitious. Though the hike is not entirely without fundamentals, it is not supported fully either. So, we may see a price fall shortly. However, the coin may get as high as 15,000 USD by the end of this year. The resistance points are 11203.68 USD, 11705.67 USD, and 12253.99 USD. The support levels are 10153.37 USD, 9605.05 USD, and 9103.06 USD.

Conclusion-

It is safe to conclude that Bitcoin’s recent growth is not a Gatecrash. The growth may not live there for an extended period, but it would do its task to push the coin to newer heights. Short-term traders have been benefited, and long-term investors will reap dividends if they intend to hold for a longer duration.

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