Bitcoin Price Analysis: Amidst Zig-zag Movements Bitcoin (BTC) Confirms a Possible Price Rally
Bitcoin has been playing hide and seek in the market. After a full day of shocking decline in the price, the coin has gained some value in the last 24 hours. Bitcoin’s growth has been almost certain, but the time period it will take to grow is the major concern for investors. From last 3 months, BTC has not only seen a spectacular growth to 13,000 USD price level, but also some steep falls towards 9000 USD. The medium-term outlook of Bitcoin is bullish, and the coin is likely to be around 15,000 USD by the year’s end. Let us look at the current details of the coin first.
Current Statistics of Bitcoin-
| Bitcoin (BTC) | 16th July 03:48 UTC |
| Rank | 1st |
| ROI (Return on Investment) | 7,871.20% |
| Coin Circulation | 17,819,975 BTC |
| Market Cap | 192,498,860,492 USD |
| Value in USD | 10,665.27 USD |
| All-Time High | 20,089 USD |
| 24h Volume | 22,061,399,955 USD |
BTC to USD Price Comparison-
In the last three months, Bitcoin got its first price variation in terms of a hike of 62.92% between 26th April and 14th May. This hike added 3194 USD on the value of Bitcoin. After a few days of the stable movement, the coin faced a setback by falling 15.64% and lost 1386 USD. This setback lasted for 8 days from 26th May. It was followed by a hike of 85.13% and added 6353 USD to the Bitcoin price. This is one of the major hikes for Bitcoin, and it pushed the coin to beyond 13,800 USD. This huge hike happened between 04th June and 26th June. A fall of 28.74% was waiting for Bitcoin between 26th June and 2nd July. Then another hike of 3229 USD was added over the next 7 days. This 32% growth also again helped the coin to retain its value around 13,000 USD. The latest variation was a fall of 22.53%, on which the coin lost 2930 USD.
Bitcoin Price Prediction-
The medium-term outlook of Bitcoin is bullish. The coin is likely to be around 15,000 USD by the year’s ending. The next resistance points are 11301.23667 USD, 11707.38333 USD, and 12361.99667 USD. The support levels are 10240.47667 USD, 9585.863333 USD, and 9179.716667 USD. The coin is definitely going to start its phase of a price rally, but it may take some more time according to the predictions for Bitcoin.
Conclusion-
Existing holders should look at long-term benefits from Bitcoin.
