Bitcoin Price Analysis: Can We Expect another June-Like Price Rally of Bitcoin (BTC) in August?

Bitcoin (BTC) has travelled all the way from 3500 USD to 13,800 USD in these 8 months of 2019.
The target price of 15,000 USD needs another price rally soon.
Bitcoin, the king of all coins, has made a roller coaster ride this year until now. Right after the crypto winter, Bitcoin was being traded near 3500 USD at the beginning of 2019 and it went on touching 13,800 USD in June. This huge journey has taken the help of loads of price variations and swings. However, the coin is still awaiting another price rally before this year ends. The coin has the potential to trade around 15,000 USD to 20,000 USD by the above said time frame.

BTC Price Statistics-

  • Bitcoin (BTC): 6th August 02:35 UTC
  • Rank: 1st
  • ROI (Return on Investment): 8,484.55%
  • Coin Circulation: 17,860,225 BTC
  • Market Cap: 207,937,230,077 USD
  • Value in USD: 11,620.85 USD
  • All-Time High: 20,089 USD
  • 24h Volume: 22,658,964,618 USD

BTC to USD Price Comparison-

Bitcoin Price Prediction
Bitcoin Price Chart by TradingView

In the initial four months, Bitcoin grew by the slightest margin. The coin gained just 24.56% in these four months and reached 5,000 USD. The first major variation started on 25th April and within 20 days the coin gained 61.27% and reached 8260 USD. Between 09th June and 26th June, the coin also managed to get valued 5300 more on each coin and this hike helped the coin to reach 13,000 USD. The next fall of 26.42% made a pyramidal growth and by 16th July, the value of Bitcoin against USD was 9484 USD all the way from being traded above 13,000 USD. However, towards the end of July, Bitcoin has started gaining strength and now it is on the rise. From 27th July to 05th August, Bitcoin has gotten a head up of 2315 USD.

The market cap on 06th July was 202,963,348,201 USD and the value of each coin against USD was 11,245.44 USD. The current statistics of the coin are respectively 2.45% and 3.33% more than the figures for the last month.

BTC Price Prediction-

Bitcoin’s current rise hints at a possible price rally before the end of August. As per future BTC forecast experts, the coin may reach 15,000 USD by the end of 2019.

Bitcoin (BTC):
1st Resistance: 12146.91333 USD
2nd Resistance: 12488.17667 USD
3rd Resistance: 13081.26333 USD
1st Support Level: 11212.56333 USD
2nd Support Level: 10619.47667 USD
3rd Support Level: 10278.21333 USD

Conclusion-

Bitcoin has gone through many ups and downs. Yet the coin has shown exceptional growth time and again. The same is expected from Bitcoin in the long-term.

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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