Price Analysis

Bitcoin Price Analysis: Bitcoin (BTC) Slowly Gains Ground; Is it the time for another Price Rally?

  • Bitcoin shows huge price variations in the last 24 hours and gained on the totality.
  • The target price for 2019 remains unchanged around 15,000 USD to 20,000 USD.

After struggling and giving shocks to the investors for a few days, Bitcoin is now gaining its past ground. With overall five major price swings, the coin has gained a moderate margin over the last 24 hours.

Between 03:03 UTC and 05:32 UTC, Bitcoin gained 427 USD. It was followed by a dip of 5% or 577 USD in the next 3 hours and 38 minutes. Then the coin again got hiked by 4.34% over the next 4 hours and 13 minutes. Again a dip of 420 USD was noticed between 13:20 UTC and 18:04 UTC. The final swing was a hike of 1000 USD or 9.06%, and this has made the coin to reach beyond 12,000 USD price point. The medium-term outlook of BTC is bullish, and it is likely to be around 15,000 USD to 20,000 USD by this year’s end. Let us look at the current details first from BTC chart.

BTC Price Statistics-

Bitcoin Price Chart - 4 July
Bitcoin Price Chart
Bitcoin (BTC)04th July 02:38 UTC
Rank1st
ROI (Return on Investment)8,711.12%
Coin Circulation17,796,600 BTC
Market Cap211,949,071,096 USD
Value in USD11,901.64USD
All-Time High20,089 USD
24h Volume29,221,673,680 USD

BTC to USD Price Comparison-

Bitcoin managed to show strength after April. From 25th April to 15th May, it gained over 59% or 3023 USD. After a shortfall, the coin again gained almost 20% or 1433 USD between 18th May and 02nd June. Between 04th June and 26th June, the coin gained another 68.01% and added a whopping 5220 USD to its value. It was followed by a short stint of fall and the coin lost 1651 USD from its value. The market cap on 04th June was 141,048,838,163 USD, and the value of each coin was 7708.15 USD. The current market cap and the value of each coin are respectively 50.26% and 54.40% more than the values of the last month.

Bitcoin Price Prediction-

The medium-term outlook for Bitcoin is bullish, and the coin may likely trade around 15,000 USD to 20,000 USD price point by the end of 2019. The next resistance points are 12346.84667 USD, 12732.42333 USD, and 13496.76667 USD. The support levels are 11196.92667 USD, 10432.58333 USD, and 10047.00667 USD.

Conclusion-

Bitcoin’s current growth shows the huge potential it has on the medium-term. New investors should flock in with an aim at holding coins for long-term.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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