Many analysts still believe that a surge of interest in BTC was due to the appearance in the media of information about the forthcoming cryptocurrency by Facebook. The Libra coin is supposed to become a global payment tool and will be used to bypass the traditional banking system.
These reports provoked sharp investors' interest towards the blockchain industry and caused a rise in the value of digital assets.
However, many analysts and traders in the cryptocurrency community doubt that Bitcoin will be able to rise in price to $12,000. They are more restrained and even allow small coin kickbacks before it can take new heights.
The analyst under the nickname Bagsy tweeted a post in which he announced a decrease in Bitcoin after reaching the mark of $11,500.
In his opinion, the result of a negative correction will be a sagging of the asset's rate to $8,500, but after that a spurt up to $13,800 is highly possible. At this level, Bitcoin will be traded around the end of October.
Bitcoin optimists do not believe in the possibility of such a significant drop, but they admit that even if the coin drops below $10,000, aggressive purchases will soon resume in the market and the BTC will be boosted above $12,000.
The surprising rise in the price of Bitcoin, along with the sudden rise in other well-known altcoins, apart from that confuses some analysts who are not always inclined to associate the price movement with one or other seemingly significant events.
When Bitcoin crossed the $6000 mark, analyst and trader Tony Weiss was skeptical about the rise in Bitcoin, arguing that a pullback was inevitable. When Bitcoin crossed $8,000, $10,000, and then $11,000, his approach did not change.
Tony Weiss doesn't believe that the current growth is caused by institutional investors or Facebook's accession to cryptospace.
Tony says that he was waiting for a 30-40% pullback in order to allow him to announce the end of the bear market. It seems that, on the whole, Weiss is expecting a pullback, stating that if this does not happen, then the current growth of Bitcoin may end up just as it did after rising to $20,000.
Jun-28-2019 09:39:29 AM