Bitcoin (BTC), at the time of penning down this analysis, was seen trading below $11k, as usual, and continues to consolidate in a trading range of $10k to $11k. The current price dynamics may not be investor-friendly, but not to forget that Bitcoin is often compared to the safe-haven Gold, and in a period of just ten years, Bitcoin has definitely made a place of its own.
From knowing nothing about BTC and cryptocurrency, the former has made a breakthrough and has already been a replacement for Gold, for many investors and loyalists. Gold, as an investment, is known by anyone and everyone, but the present scenario shows that Bitcoin has taken over space.
Gold's having its best year since 2010. This how it's doing against BTC.
$1 invested on 6 Oct 2009 (when BTC was first priced) would be worth $13.9m today.
Bitcoin's software is quietly eating the financial world. pic.twitter.com/eE6xQ5NYFG
— Willy Woo (@woonomic) October 6, 2020
Gold has made its place in the market for over the past ten years now and no that it peaked in the previous century, but many industrial and store of value adoption made a breakthrough in the 20th century. While we stand in the 21st century, investors have bygone a handsome investment amount, hanging on the previous century’s ideas. However, it was just over the past decade when Bitcoin was introduced and has now taken over the platform.
— Michael Saylor (@michael_saylor) October 5, 2020
However, the price dynamics and the price movement of Bitcoin is drawing a controversy at present. While many believe that it will hit a fresh All-Time High, and many claims that it will end up bottoming out to as low as $100. But the bullish call happens to be positively weighed, and if the history rhymes, According to BTC Forecast, it is likely to spur from trading around $10k to trading around $14k to $15k utmost by the end of the year.
Surprising from mainstream and traditional source.
14k possible this year, 100k by 2025.
Lengthy report provides 10+ reasons for bullish call.
— Dan Tapiero (@DTAPCAP) October 5, 2020
Bitcoin Price Analysis
Today, Bitcoin was seen trading at $10.7k and is seen moving volatilely over the past two weeks below the 50.0% fib level. However, the intraday happens to be positive over the past five days, and therefore, the largest cryptocurrency by market capitalization—Bitcoin, restores support from 50 & 200-day MA support on a 2-hourly chart.
With bullish crossover, BTC/USD is seen breaching the upper band but restrains from rising above 61.80% fib level after dropping from the previous month’s high marked above $12k. The technicals also draw a bullish divergence, and the MACD line is seen crossing above the signal line. Similarly, the RSI is seen inclined towards the overbought region is marked at 58.06.