Bitcoin Price Analysis: Is Bitcoin’s (BTC) Volatility Hinting Towards An Upcoming Price Correction?
- Bitcoin shows four major price swings in the last 24 hours.
- The coin is expected to reach around 12,000 USD in the upcoming weeks.
Bitcoin (BTC) has again come to the limelight after it got its price beyond 10,000 USD. It is even flirting with 11,000 USD mark every day for a few minutes. As per experts, the unprecedented growth is likely to be checked by an upcoming price correction phase. The coin has shown four major variations in the last 24 hours. Between 01:13 UTC and 03:29 UTC of yesterday, the coin fell by 2.22%. The next fall happened at 06:01 UTC when the coin lost 2.57% over 4 hours and 37 minutes. At around 17:10 UTC, the coin gathered strength and got hiked by 5.65% over 4 hours and 28 minutes. This hike helped the coin to go beyond 11,000 USD mark. It was followed by a steep fall of 6.13%, which happened over 2 hours and 41 minutes. Let us analyze the current details of the coin first from BTC chart.
BTC Price Statistics-
| Bitcoin (BTC) | 24th June 02:32 UTC |
| Rank | 1st |
| ROI (Return on Investment) | 7,811.87% |
| Coin Circulation | 17,776,662 BTC |
| Market Cap | 195,820,734,733 USD |
| Value in USD | 10,661.10 USD |
| All-Time High | 20,089 USD |
| 24h Volume | 20,869,389,057 USD |
BTC to USD Price Comparison-
Bitcoin was at peace in the initial months of 2019, right after the crypto winter. The period between 09th January and 23rd February saw no real growth, and it also caters to the lowest point of the coin for this year at 3355.01 USD. However, around the end of March, the coin gained strength and got hiked by 36.79% over 16 days. There was another hike of 58.14%, which happened between 20 days. The latest growth started on 09th June and lasted till 23rd June. This period has given 40.79% value gain to Bitcoin. The market cap on 24th May was 144,127,267,646 USD. The value of each coin was 7985.14 USD. The current market cap and the value of each coin are respectively 35.86% and 33.51% more than the figures for the last month.
Bitcoin Price Prediction-
As per our prediction, the coin is likely to have a bullish medium-term. As per our Bitcoin future price, the value may get as high as 12,000 USD in the next few weeks. The resistance points are 11215.64 USD, 11575.91 US, and 11905.68 USD. The support levels are 10525.6 USD, 10195.83 USD, and 9835.56 USD.
Conclusion-
Investors should know that the current growth is not going to last forever. Soon, the coin is going to experience a price correction phase. Investors are advised to re-organize their investment preferences accordingly.
