Bitcoin Price Topped 9000 Could Activate a New Resistance at 10K

Bitcoin Price Topped $9000, Could Activate a New Resistance at $10K


It’s been another wild week for bitcoin price watchers,

with their favorite cryptoasset briefly topping $9,000 USD. The mini bull run lost some steam as BTC crashed back below $8,000 and others fell by similar percentages. What could happen next? Read our technical analysis report for a better idea.

Bitcoin Price Analysis

After the last rocket climb to $8,000 flipped up all indicators, the Disbelief Mass Psychological Analysis phase gave way to Hope. Due to a bullish consensus recovery, targets at $8,000 were surpassed amid strong support from Fundamentals, News, and traditional media to reach the $9,000 level. The most probable scenario can be analyzed with prices entering a sideways lateral movement between $8,000 and $10,000, possibly with $7,000 as a strong support level if prices exit that range. Upper resistances (if an upward movement starts) are at $10,000 and $12,000, depending on external factors.

When quotes reactivated the $8,000 target, Formation analysis showed a new Diamond in the chart, bringing back a Wait and See attitude among operators. The current lateral market seems to recognize $9,000 as an upper resistance and $8,000 as a primary support — building another Diamond formation in the process. If values break out to the up side, the next resistance can be confirmed at $10,000. Mathematical indicators reflect high volatility, and bullish consensus increases from positive traditional media coverage on bitcoin’s recent performance.

After a long term lateral market, an uptrend that started on April is driving the action through the current $9,000 scenario. New formations and figures reflect stability inside the rising channel recently conquered. If values consolidate around the $8,000 level by sustaining a lateral market, bitcoin’s next step would be to rise to $10,000. If a Wait and See attitude prevails among operators, a new Diamond formation could delay any upward movement until some external factor backs the Bullish Consensus and Hope psychological phase. This could give way to Optimism with neutral positions re-entering. However if the $8,000 support is broken, the next support remains at $6,000.

Article Produced By
Ramiro Burgos

Ramiro is a technical analyst specializing in stocks, futures, options and Bitcoin. He provides weekly analysis on the bitcoin price for Bitsonline. Based in Buenos Aires, Argentina, Ramiro has worked in the financial industry since 1987, with his technical analyses appearing in local and global news publications.


What Happens When All the Bitcoins Have Been Mined?

What Happens When All the Bitcoins Have Been Mined?

Over 83 percent of all bitcoins that will ever exist have already been minted.

Over 99 percent will be mined by 2040. So, what happens when all the bitcoins have been mined?

Bitcoin Has a Finite Supply of 21 Million Bitcoins

One of the key features of Bitcoin is its hard-capped finite supply at 21 million bitcoins. This means it is entirely impossible to print out of thin air like fiat currency which makes it a deflationary currency by nature. Bitcoin’s scarcity also drives its value. Yet, since Bitcoin is sustained by a network of miners who are compensated in block rewards, many people wonder what happens when all the bitcoins have been mined? What will miners do once the 21 million hard-cap has been reached? How will they make their living and what will incentivize them to keep the network secure? The short answer is transaction fees.

What Happens When All the Bitcoins Have Been Mined?

Currently, when a new block is created, miners receive a block reward, which contains both newly minted bitcoins and transaction fees. This reward incentivizes miners to behave correctly and protect the network. Once all the bitcoins have been mined, and miners have to rely on transaction fees alone, will that be enough to remain financially operational? If not, could that lead to a contraction of miners that would centralize and potentially collapse the network? Not according to research by Interchange and Awe and Wonder. Looking at the below chart, you can see that by the year 2030, transaction fees start to represent a much higher part of the block reward. Once the fees make up over 50 percent of the block reward, miners transition to surviving on TX fees more than BTC.

Will Transaction Fees Be Enough to Incentivize Miners?

The answer to that question is that no one is entirely sure how things will play out. However, there is sufficient evidence to suggest that yes, transaction fees will be enough to sustain miners and thus the Bitcoin network. After all, as the value of Bitcoin rises, so do the fees. There are some concerns about whether rising fees will deter people from using Bitcoin. However, fees will still remain significantly lower than transferring fiat around the world. Just consider how much a fiat wire costs now, or the commission on purchasing a home for example. As Interchange

points out:

Average closing costs on a home are 2% of the value, or $8,000. I’m sure individuals will be fine paying $50 in the future to send an immutable payment with an asset that can’t be easily taken away from them (unlike real estate which could be seized in a geopolitical quarrel at the snap of a finger).

Transaction Fees Also Gain Value Over Time

Since Bitcoin miners will be earning transaction fees over time, and BTC will gain value over time, so will the fees. This will make it economically viable for them to continue securing the network. Interestingly, Alex Sunnarborg pointed out that only the Bitcoin and Ethereum blockchains have sufficient transaction fees in place to compensate miners in a non-inflationary


(2/2) – minus BTC & ETH:

— Alex Sunnarborg (@alexsunnarborg)

The change from relying on transaction fees for income over mined bitcoins is not going to happen overnight. There are also plenty of factors that may change between now and then, giving miners plenty of time to adjust to the new model and for the Bitcoin network to remain secure.

Article Produced By
Bitcoin News


Bitcoin BTC holders will enjoy enhanced security of a firewall’ via Cerberus Protocol claims Neil Woodfine

Bitcoin [BTC] holders will enjoy enhanced security of a ‘firewall’ via Cerberus Protocol, claims Neil Woodfine


Neil Woodfine, a representative of Blockstream, recently announced the launch of Cerberus Protocol,

following the release of the technology’s publication on Medium. According to Woodfine, the objective of the Cerberus Protocol is to re-organize and build a non-custodial Bitcoin storage for large BTC-holders involved in businesses. The protocol is inclined towards the idea of “hybrid storage,” he said, where multi-sig keys are distributed across two organizations [Clavestone and the client]. In this manner, large Bitcoin holders’ virtual assets are protected under the enhanced security of a “firewall” with the risk of being “exposed to custodial risks.” In the Medium post, it was listed that Cerberus was intended for corporations to own Bitcoin as a collective entity, rather than a single individual being responsible for the entire capital.

Neil Woodfine stated,

“We learned a lot from the development of the idea and our conversations with potential users, things we think would be valuable for the wider industry. So we’ve distilled everything down into an easy-to-follow guide for setting up a 2-of-3 multi-sig…and how to coordinate it.”

He also clarified that the involvement of custodians did not exactly secure one’s Bitcoins funds as they could be easily compromised at the hands of a single individual. The Cerberus protocol would allow these large corporations to operate their own Bitcoin storage, reducing the involvement of middlemen, while also keeping security and usability in prime condition.

Woodfine had a word of caution though,

“Cerberus is still in early development, so definitely don’t try to start using it yet! Our hope is that by releasing the protocol in parts, we’ll be able to gather feedback from keen-eyed bitcoiners and iterate on the design to ensure we maximize security.”

The protocol gained traction in the community following the release of the first chapter of implementation.

Yuri De Gaia, Bitcoin OTC at l2bglobal, stated,

“Multisig storage is the best solution for corporate and family spending. All the elements for self-custody via multi-sig already exist, but there has been no clear protocol that applies to most situations.”

Article Produced By
Biraajmaan Tamuly

Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin Vs Apple Pay And Alipay

Bitcoin Vs. Apple Pay And Alipay

The Bitcoin correction I’ve been forecasting seems to be underway.

BTC has fallen from a high of $9,000 to a recent correction low of $7,500. And the correction may not be over yet. Use this as a buying opportunity. Because, longer term, Bitcoin and other cryptocurrencies are now in a long-term bull market. And one key reason is their powerful potential to truly disrupt the financial system as we know it today. Still, many analysts don’t see it that way. They think it’s apps like Apple Inc AAPL 2.66% Pay, Alphabet Inc's GOOGL 1.99% GOOG 2.04% Google Pay and Alipay that could challenge the global financial system, even “replacing banks” with their new payment platforms.I believe that’s a collective delusion. Truth be told, they’re not replacing banks; they’re becoming banks. 

Take Alipay, for example, covered in a recent Bloomberg report. It’s amassing client deposits in the hundreds of billions of dollars with its popular payment app. It’s leaving bankers out of the loop, not giving them a cut in the transactions. And it’s been very successful. So people wonder: “Who’s profiting from all this?” I’ll tell you who: It’s companies like Apple, Google and an affiliate of China’s Alibaba Group Holding BABA 1.82%, which owns and manages Alipay. Alipay amasses its customers’ deposits. It invests the money in short-term money markets. It even makes loans to consumers. So, the financial media says it’s one of the “great financial innovations” of our time; the “leading edge of financial technology (Fintech).


Sounds just like a traditional bank to me. Remember: A bank is simply an institution that takes deposits from the public and then invests or lends that money out at a higher rate. And guess what? That’s precisely what some of these so-called “revolutionary” Fintech companies are doing. As with banks, once you make a deposit, you have no say over what’s done with your money. Nor is the money kept in the institution’s vaults available for withdrawal by all. 

It’s fractional banking, meaning your money isn’t really there. At the end of the day, all you have is a chit — a claim to the money you deposited. I repeat: Alipay uses essentially the same business model … In fact, it is one of the world’s most successful Fintech companies in this sector. Heck, until China's central bank changed the rules, Alipay was serving about half of all the country’s small- and medium-sized companies, according to Bloomberg. Now they’re required to hold cash reserves with the central bank. Again, just like traditional banks. There is NO substantive difference between a traditional bank and a payment app such as Alipay. They work the same way.

But that’s not the big problem. 

What really worries me is that both Fintech companies like Alibaba and traditional banks share the same flaw: You’re required to entrust your money to a third party, and it’s this third party that actually controls it. Not you.

Most people argue that the difference between a bank and a Fintech company is that, with Fintechs, the assets and payments are digital. Also not true. Nearly all the money you have in a bank account is also digitized. Here’s the real problem with today’s financial system: A vast network of intermediaries stands between you and your money. And the new Fintech companies have done zilch to disrupt this critical aspect of the system. All they’ve done is to create a more efficient digital network and undercut obscenely high bank transaction fees. The business model of these Fintechs is simply to beat traditional banks at their own game. They are not revolutionizing the financial system. Not even close. 

The only invention with the potential to truly disrupt traditional banks is Distributed Ledger Technology (DLT), the basis for cryptocurrencies like Bitcoin. And the major innovation Bitcoin — like other crypto assets — brings to the table is not just a fully digital payment system. (Alipay, PayPal Inc PYPL 2.01% and Facebook Inc's FB 2.98% upcoming GlobalCoin do that as well.) Rather, it’s decentralization. In fact, the digitalization and decentralization of crypto assets are a means to an end. The goal is to create a technology that — unlike your deposits at a bank or Fintech company — when you own a crypto asset in your wallet, you’re the ONLY one who controls it. There are absolutely no intermediaries between you and your money.

Indeed, owning crypto assets is akin to holding gold bullion bars or coins. As long as you store your crypto in a wallet you own, nobody has access to it other than you. Traditional banks and their new Fintech competitors have final say over what happens with your money. With cryptocurrencies, you’re the only one who makes those decisions. That’s the real innovation. And that’s why cryptocurrencies are likely to challenge — and ultimately overtake — the likes of Apple Pay or Alipay. Think of it this way, Fintech companies are the same old trains trying to run on digital rails. Bitcoin and other cryptocurrencies are the infrastructures for an entirely new financial system.

Article Produced By
Weiss Crypto

A Benzinga Contributor

Local BCH Venue Opens and Community Goal Nears in the Weekly Update From Bitcoincom


A new local bitcoin cash venue opens for trading worldwide

and the community is nearing a funding goal milestone for BCH developers. Watch these and other developments discussed in this week’s video update on’s Youtube channel.

Local BCH Venue Opens as Localbitcoins Removes In-Person Cash Trades

This week’s show discuses the successful opening of, a privacy-focused peer to peer global marketplace for trading bitcoin cash (BCH). Over 11,000 people have signed up to the service and already created more than 3,000 offers since the platform’s official June 4 launch date. The launch couldn’t come at a better time for many cryptocurrency traders who prefer to transact in-person for cash as Localbitcoins just removed that option a few days ago. The weekly update also covers how the bitcoin cash community is advancing in its efforts to support developers with a fundraiser whose contributions are donated to Bitcoin ABC, Bitcoin Unlimited, BCHD, and Bcash. The campaign is closing in on the 15% milestone out of an initial goal of raising 800 BCH by Aug. 1, 2019.

Other developments in the bitcoin cash ecosystem mentioned include the non-custodial Badger Wallet being made available for iOS mobile devices, a recently released browser extension that enhances bitcoin cash addresses for easy tipping, decentralized social network system Memo adding support for creating SLP tokens, and Monarch Wallet adding SLP support for users on both iOS and Android devices. Additionally covered in the weekly update is how Anypay and Cointext have partnered to make remittance transfers cheaper and faster for cross-border payments using bitcoin cash.

Article Produced By
Avi Mizrahi

Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.

Why Bitpay Is Really Charging More for BTC Transactions

Why Bitpay Is Really Charging More for BTC Transactions


BTC Transaction Are Far More Expensive Than BCH

Bitpay has recently been attacked on social media for charging an extra fee for BTC transactions that it doesn’t ask of BCH users. The reality is that the company simply has to cover its operational costs related to the BTC network, whose fees are currently very high again.

Bitpay, the popular payment processor that enables merchants to accept bitcoin cash (BCH) and bitcoin core (BTC), has received flack recently from advocates of the latter cryptocurrency. The company is accused of charging an extra fee on BTC transactions in order to push users to choose BCH. However, Bitpay’s fee structure has not changed; it still charges just 1% to process transactions, and the Network Cost charge they refer to was first introduced back in early 2017. This Network Cost is a charge that helps the processor cover miner fees required for handling the payments. After a user pays an invoice and a miner fee on their side, Bitpay has to pay additional network fees on its side to move all its invoice payments so it can combine them for processing in something called an Unspent Transaction Output (UTXO) sweep.

Bitpay payment flowchart from customer to merchant

Bitpay explains on its support portal that if a Network Cost amount is calculated to be lower than $0.01 and less than 0.05% of the invoice price, the processor does not charge it. Thus BCH payments, which most often are well below this threshold, can appear to be exempt. It is important to note that BTC network fees are orders of magnitude more expensive than those for BCH. For example, at the time of writing, the current median fee for BTC is $2.61, which is over 2,300 times higher than the current median fee BCH of just $0.0011. This means that a payment of $10 with BTC can cost over 26% to handle in a timely manner while with BCH it is virtually 0%. With such big differences, no company accepting on-chain payments that needs to stay in business can be expected to ignore the issue for all possible sizes of transactions.

So Who Is Really Keeping Fees High?

The reason BTC fees are currently as high as they are is that the network is suffering from heavy congestion due to insufficient space to handle all transactions. If you are new to the cryptocurrency community, and are unfamiliar with the whole block-size debate, you might assume this is a problem that will be fixed in time. However, as far as bitcoin core advocates are concerned, this is a feature not a bug. They see high BTC fees as a way to push users on to their Lighting Network and want to eventually make on-chain transactions as rare and as expensive as “chartering an oil tanker.” All this points to bitcoin core advocates attacking Bitpay just for exposing the high fees they themselves are responsible for. This isn’t the first time they have targeted the leading payment processor due to its support of BCH, putting politics ahead of users’ best interests.

Article Produced By
Avi Mizrahi

Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.

Bitcoin Recovers From 2-Week Low But Price Outlook Remains Bearish

Bitcoin Recovers From 2-Week Low But Price Outlook Remains Bearish


Bitcoin’s (BTC) ongoing corrective bounce could be short-lived,


  • Bitcoin’s short-term outlook has turned bearish, courtesy of Tuesday’s UTC close below the 30-day average of price. A key daily and 3-day chart indicator is also indicating an end of the price rally from December lows.
  • Hence, BTC’s $400 recovery from 2.5-week lows hit on Tuesday could be short-lived. Prices risk falling to $7,000 over the next few days.
  • The hourly chart indicates the ongoing recovery may be extended to $8,000 before a potential slide toward $7,000.
  • A UTC close above the 10-day price average at $8,383 is needed to invalidate the short-term bearish setup.

Bitcoin’s (BTC) ongoing corrective bounce could be short-lived, as the charts are signaling a short-term bullish-to-bearish trend change. The premiere cryptocurrency is currently trading at $7,822 on Bitstamp – up almost $400 from the low of $7,432 hit yesterday. However, Tuesday’s UTC close below the 30-day moving average (MA) may embolden sellers, putting the sustainability of the gains in doubt.

The 30-day MA has served as strong support throughout the rally from early February lows near $3,500 to the recent high of $9,097. Essentially, BTC created multiple bullish higher lows along that line over the last four months, as discussed yesterday. Now, the short-term outlook has turned bearish with the first UTC close below the average since Feb. 8. Other widely-tracked technical indicators are also signaling a trend change in favor of the bears.

Daily chart

The 14-day relative strength index (RSI) has dived out of the rising trendline representing a rally from December lows near $3,100, and is now teasing a drop into a bearish territory with a reading below 50.00. Further, the 5- and 10-day moving averages have produced a bearish crossover. The Chaikin money flow index – which takes into account both the price and trading volumes – is losing altitude, a sign of weakening buying pressure.

The price action seen at press time also indicates that the tide has turned, with BTC struggling to register big gains above the 30-day MA, currently at $7,772. That BTC is revisiting the 30-day MA hurdle is not surprising, as markets tend to crowd out weak hands (buyers in this case) before falling on price breakdowns/breakouts. Overall, the cryptocurrency looks set to test the psychological support of $7,000 over the next few days.

3-day chart

On the 3-day chart, the RSI has rolled over from overbought levels above 70, signaling scope for deeper correction. The indicator diverged in favor of the bears (lower highs) earlier this week. The Chaikin money flow index is also beginning to lose altitude on this time-frame. Thus, BTC risks falling to the 200-candle MA, currently flatlined at $7,211.

Hourly chart

The hourly chart tells a slightly different story, reporting a bullish divergence (higher lows) of the RSI. So BTC may extend its recovery to $8,000, before a potential slide toward $7,000, as suggested by the daily and 3-day charts. The short-term bias will remain bearish as long as prices are held below the 10-day MA, currently at $8,383.The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

Article Produced By
Omkar Godbole

Omkar Godbole is the market reporter for CoinDesk, the global leader in blockchain news, where he produces technical chart-based price updates on Bitcoin and other alternative currencies.

Securities And Exchange Commission Releases Decision On Bitcoin ETFs

Securities And Exchange Commission Releases Decision On Bitcoin ETFs


.Bitcoin (BTC) has jumped back to the $8,000 mark,

bringing enthusiasm to the crypto community members. The recent rise in prices is bringing back the feeling of a potential bull run in the market, with many claiming prices may not return to the lows we saw at the beginning of 2019. Bitcoin (BTC) is again hitting the headlines in different aspects. Unfortunately, regulators and financial institutions are not seeing the benefits of cryptos just yet. Just a few hours ago, the U.S. Securities and Exchange Commission (SEC) decided to delay (again!) the decision on a bitcoin exchange-traded fund (ETF) proposal. According to a document released by the SEC, the approval or disapproval of Bitcoin ETFs would allow VanEck SolidX Bitcoin Trust to issue and list its shares. This decision has been requested several times by different parties, in an attempt to obtain the so wanted approval. Yet again, the SEC invited people and interested parties to submit comments. The new deadline for the Commission is set for August 19th, and it can be delayed once more for a final deadline of October 18.

Unfortunately, this seems to be the usual decision the SEC takes in regards to approval of Bitcoin ETFs. Every request submitted has been delayed for as long as possible, and then denied. The reasoning behind rejecting one request after the other relies on market manipulation claims, liquidity issues, links to financing of crime and terrorism and other issues. According to Dave Nadig, managing director of, the Securities and Exchange Commission could avoid making a decision for as long as they want. Although the SEC is actively seeking information and there are deadlines in place, they can keep on postponing it until finally rejecting it. It wasn’t all bad news though. As Nadig explained during his interview to CNBC, as the cryptomarket matures, regulators will get

more comfortable.

We’re at least a quarter out… and I think there’s still a reasonable chance for this year.

Regulators have been concerned with digital assets from the moment they represented a risk to financial stability, and yet they claim cryptos are also a relatively small size market, which could be why they refuse to approve an ETF. Perhaps 2019 will be the year for a Bitcoin ETF approval, although only time will tell. Stability in the market and defined regulations will play an essential role in order for this to happen.

Article Produced By

Bitcoin Payroll: How to Obtain Your Paycheck in Digital Currency

Bitcoin Payroll: How to Obtain Your Paycheck in Digital Currency

Payment platforms are being designed for the new kid in town. Bitcoin payroll could very likely become a thing at a business near you.


Every day, there is fresh and exciting news in the world of bitcoin.

Just this week, communications giant AT&T announced that it will accept payments in bitcoin. Bitcoin is proving to investors and consumers alike that it is a legitimate store of value. Last year, many were predicting the cryptocurrency’s end. However, bitcoin has staying power and has doubled in price in 2019. With a growing number of corporations accepting bitcoin, many people are looking to their paycheck. Read on to learn more about bitcoin payroll. Explore how to get your paycheck in the popular digital currency.

Why Should Businesses Investigate Bitcoin Payroll?

The world’s younger generations are looking for a currency change. They have little experience with commodities like gold or silver. Many millennials are too young to remember when the U.S. dollar’s value was tied to gold. Also, millennials are skeptical about government currencies due to debt and manipulation fears. As a result, half of all millennials are interested in using cryptocurrencies like bitcoin. Of this group, over one-third prefers to use bitcoin over the U.S. dollar. Therefore, many companies are looking to attract talented millennials by paying in bitcoin. The question for employees is how to receive a paycheck in digital currency.

Does Your Company Already Offer Bitcoin Payments?

The first action is to find out whether your employer already pays people with digital currency. Some companies use services like to generate paystubs when they pay out in bitcoin. If they do not pay in digital currency, don’t be afraid to ask whether it is in their future plans. With bitcoin’s growing popularity, there is a good chance that they are moving in that direction.

What Options Are Available for Bitcoin Payment?

There are a few different options available to employers to process paychecks in cryptocurrency if they opt to implement a bitcoin payroll system and make payments in that currency. However, it is not likely that all a company’s employees are on board with that plan. Another option is to make payments in traditional currencies. Then, companies can provide employees with a mechanism to convert their cash to a digital currency. Finally, your employer can opt to take a combination approach. Typically, this means combining traditional payroll services with partial payments in bitcoin.

What Are Some Concerns Your Employer May Have?

Digital currencies fluctuate in value on a daily basis. If there is a significant price drop, your employer may run afoul of state and federal minimum wage laws. Another concern is that each company must follow standard accounting practices for tax purposes. Your company’s accounting team may not know enough to comply with cryptocurrency laws. For example, the government may treat bitcoin transactions as investments instead of traditional payroll.

Wrapping It Up

The world is quickly adjusting to the bitcoin craze. It does appear that employers can keep up with customer demand for digital currencies. Your best course of action is to ask your company’s Human Resources department for more information. Perhaps they already pay out in bitcoin or have alternate options. If you enjoyed this article about bitcoin payroll, check out our blog for other great content.

Article Produced By

Owner, Editor, and lead writer for Cryptorials. Cryptocurrency writer and trader since 2014.

Bitcoin continues to climb higher and is currently trading for just shy of 9000

Bitcoin continues to climb higher and is currently trading for just shy of $9,000.


Rising Faster and Bolder Than the Sun

The currency continues to impress us all with its recent string of price gains, which began in early April of 2019. At that time, the currency rose beyond the $5,000 mark, something many traders and enthusiasts thought they’d never see again. That means that at press time, it has nearly tripled its value in just two months from where it was in March.

2019 has certainly proven to be a solid year for the digital asset. Following consistent price drops in 2018 that saw the currency hitting the $3,500 mark in late November, bitcoin had ultimately lost more than 70 percent of its value since striking its all-time high of nearly $20,000 in December of 2017. Many crypto traders saw all their stashes disappear within 11 months; it was an ugly sight, and one that many believed would never be remedied.

However, things have ultimately turned around in 2019, with the currency striking a position that it hasn’t held in more than a year. The last time bitcoin even came close to $9,000 was during the summer months of 2018, and the last time it saw the $9,000 range was in February of that year. Despite all the good news, however, some analysts seem incapable of making up their minds regarding where bitcoin is likely to go in the coming weeks. One crypto blogger, Kevin Godbold, thinks a dead cat bounce is inevitable, and suggests that bitcoin could potentially take a nosedive sooner than we might anticipate.

He comments:

The buying probably caused the share price to move up. A little at first, but seeing the movement, others maybe started saying, ‘Bitcoin’s moving,’ and more buying happened. Because of that, bitcoin went higher, and the higher it went, the more the momentum speculators piled in. The more they piled in, the higher bitcoin moved. I think that description is the essence of what causes a dead cat bounce. Nothing has changed in the case for or against bitcoin, but speculation happened.

At the same time, another source claims that the bitcoin technical charts currently show the digital asset preparing itself to reach $10,000 in the coming weeks, virtually the opposite of what Godbold suggests.

Bitcoin’s Prospects Are Solid in the Distant Future

A recent panel of cryptocurrency experts – assembled by the finance firm Finder – predict that by December 2019, bitcoin will be trading for well over $9,600. This is good in the sense that bitcoin will spike further, but it’s a little disappointing that fewer rises will seemingly take place over the following seven months. At the same time, the panel also believes that the $20,000 mark hit in December 2017 will be surpassed at some point in the future.

Article Produced By
Nick Marinoff