Price Analysis

Bitcoin Price Analysis: BTC’s Recent Stagnation May Delay its Target of $12,000

  • Bitcoin may take some more time to show a rally like June.
  • This current stagnation of the coin near 11,400 USD may delay the onset of 12,000 USD.

Bitcoin, since the starting of this year, has shown tremendous strength in comparison with the year 2018. Though the initial few months were sluggish, the coin started showing positive results from April onwards. Here is an analysis of Bitcoin’s major price movements for this year. It should be noted that the medium-term outlook of the coin is bullish and it is yet to reach its full potential. Let us now look at the current details of the coin.

BTC Price Statistics-

Bitcoin (BTC)13th August 02:34 UTC
Rank1st
ROI (Return on Investment)8,325.67%
Coin Circulation17,873,200 BTC
Market Cap203,816,219,114 USD
Value in USD11,400.15 USD
All-Time High20,089 USD
24h Volume13,500,825,053 USD

BTC to USD Price Comparison-

Bitcoin Price Prediction
Bitcoin Price Chart by TradingView

Bitcoin was being traded at 4032 USD towards the end of March. However, the April boom took the coin to 5249 USD by 10th April. From there, the coin did not look back. Between 25th April and 27th May, it grew by 69.39% and reached 8733.54 USD. And again this was followed by another hike of 68%, which lasted till 26th June. This hike managed to give the coin the highest point of the year near 13,000 USD. By the end of June, Bitcoin started weakening and a 25% fall pushed the coin to 9552 USD by 16th July. The latest swing came as a hike of 25.79% and the value of Bitcoin lies at 11,969 USD on 8th August. The market cap on 13th July was 205,739,186,364 USD and the value of the coin was 11,379.26 USD. The current market cap and the value of the coin are respectively 0.93% less and 0.183% more than the data for last month.

BTC Price Prediction-

Bitcoin is likely to show another series of hikes like it did in June. It is now progressing with a target of 15,000 USD before the end of 2019. The details of all the probable resistance and support levels are as follows.

Bitcoin (BTC)
1st Resistance11500.22333 USD
2nd Resistance11617.82667 USD
3rd Resistance11707.46333 USD
1st Support Level11292.98333 USD
2nd Support Level11203.34667 USD
3rd Support Level11085.74333 USD

 

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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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