Bitcoin Price Analysis: Bitcoin (BTC) Starts Depleting; Is It the Starting of the End Already?

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  • Bitcoin (BTC) started losing value in the last 24 hours.
  • The medium-term bullish outlook places the target at 15,000 USD within the next few months.

Bitcoin has been the point of many discussions in the crypto market due to its recent episode of high growth. The coin got hiked from 8000 USD, and in some days, it went beyond 13,800 USD. This growth made many experts to draw a parallel with 2017’s growth. However, in a recent surprise turn, the coin has started losing value.

Bitcoin has shown four major price variations in the last 24 hours. The coin first lost 8.86% of its value starting from 00:29 UTC of yesterday over 6 hours and 9 minutes. It was followed by another fall of 9.05% between 07:14 UTC and 09:40 UTC. Again a huge fall of 14.49% was seen between 12:04 UTC and 17:26 UTC. This fall dragged the coin to 10,300 USD price level. However, after this fall, the coin started gaining. It went up by 11.63% from 20:35 UTC over the next 4 hours and 51 minutes.

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The medium-term outlook of Bitcoin is bullish. By the end of this year, the coin is likely to be around 20,000 USD. Let us look at the current details of the coin from BTC chart.

BTC Price Statistics-

Bitcoin Price Chart - 28 June
Bitcoin Price Chart
Bitcoin (BTC) 28th June 02:57 UTC
Rank 1st
ROI (Return on Investment) 8,229.95%
Coin Circulation 17,784,650 BTC
Market Cap 199,624,562,009 USD
Value in USD 10,999.81 USD
All-Time High 20,089 USD
24h Volume 39,108,754,145 USD

BTC to USD Price Comparison-

Bitcoin has gained a maximum of its value in the last 2 months. On 6th May the coin got its first hike of 43.46% over 9 days. It was followed by another hike of 20.23%, which happened between 18th May and 26th May. Soon a short-term fall was noticed. The fall happened between 02nd June and 09th June. This fall was of 12.20 %. It was followed by a major growth of 68.97% over the next 17 days. This last growth is responsible for the coin to reach 13,000 USD. The market cap on 28th May was 153,646,257,716 USD, and the value of each coin was 8719.95 USD. The current market cap and the value of each coin are respectively 19.92% and 26.14% more than the values of the last month.

Bitcoin Price Prediction-

The coin is likely to go beyond 15,000 USD in a few months from now only if it continues to grow with positive momentum. The next resistance points are 12832.01667 USD, 14481.22333 USD, and 15651.30667 USD. The support levels are 10012.72667 USD, 8842.643333 USD, and 7193.436667 USD.

Conclusion-

The coin is now falling, making a perfect time for buying fresh coins. Long-term holding will give good returns on the current investment.

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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