Price Analysis

Bitcoin Price Analysis: Can We Still Expect another June Like Bitcoin Rally before this Year Ends?

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  • Bitcoin shows significant volatility in the market since April.
  • The coin is likely to trade around 15,000 USD to 20,000 USD by the end of 2019.

Bitcoin, the father of all crypt coins, have been through a roller-coaster ride in this year. In the initial few months of 2019, the coin maintained a stable outlook, but after April Bitcoin took its original form and reached way beyond 13,800 USD. However, the month of July has been little volatile for Bitcoin. Here is an analysis of Bitcoin’s price movement year to date. Let us first review the current statistics of the coin.

BTC to USD Price Statistics-

Bitcoin Price Prediction- August 01

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Bitcoin (BTC) 1st August 02:52 UTC
Rank 1st
ROI (Return on Investment) 7,319.82%
Coin Circulation 17,850,275 BTC
Market Cap 179,102,207,188 USD
Value in USD 10020.78 USD
All-Time High 20,089 USD
24h Volume 16,518,332,231 USD

BTC to USD Price Comparison-

As mentioned earlier, the notable phase of the coin started after April only. Between 25th April and 15th May, Bitcoin got a push of 58% and this push helped the coin to gain 2982 USD. This is the first push which brought the coin from 5000 USD price range to 8000 USD price range. The next variation was another increment of 68.83% over 22 days from 04th June and this hike took the coin to its peak of 13,000 USD. However, the coin could not maintain its value there against USD. Between 09th July and 16th July, the coin lost 3049 USD and another fall of 5.92% over 11 days from 20th July cost the coin 636 USD. The market cap of Bitcoin on 1st July was 183,045,837,460 USD, and the value of each coin stood at 10,556.54 USD. The current market cap and the value against USD are respectively 2.15% and 5.07% less than the figures for the last month.

BTC Price Prediction-

The way Bitcoin managed to growth after April was commendable and it is likely to catch another rally of that degree before the end of 2019. By that time, it may be hovering around 15,000 USD.

Bitcoin (BTC)
1st Resistance 10248.14 USD
2nd Resistance 10410.65USD
3rd Resistance 10735.67USD
1st Support Level 9760.61USD
2nd Support Level 9435.59USD
3rd Support Level 9273.08USD
Conclusion-

Bitcoin, with no doubt, is the market pioneer. It affects the whole market in ways can’t be imagined. However, Bitcoin has always favoured the long-term traders and it is unlikely to deviate this time as well.

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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