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-

BTC to USD Price Comparison-

Bitcoin was being traded at 4032 USD towards the end of March. However, the April boom took the coin to 5249 USD by 10^th April. From there, the coin did not look back. Between 25^th April and 27^th May, it grew by 69.39% and reached 8733.54 USD. And again this was followed by another hike of 68%, which lasted till 26^th 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 16^th July. The latest swing came as a hike of 25.79% and the value of Bitcoin lies at 11,969 USD on 8^th August. The market cap on 13^th 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-

According to Bitcoin price projections, 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.