Categories: Bitcoin Business

Big Bitcoin Price Boom Will Follow Consolidation, Market Experts Reveal

Click here to view original web page at
Prominent investors believe bitcoin price will consolidate before moving higher. | Source: Shutterstock

Since July 10, within two weeks, the bitcoin price has declined from over $13,000 to $10,600, by more than 18 percent against the U.S. dollar.

At its lowest point this month, the bitcoin price came close to dipping below the $9,000 level, dropping to as low as $9,080.

The bitcoin price has slightly declined after surpassing $11,000 on the day. | Source: ConMarketCap

Although BTC has shown relatively strong recovery throughout the past week, it has struggled to cleanly break out above $11,000, which has acted as a key resistance level for bitcoin throughout July.

Consolidation for bitcoin expected

Michael Novogratz, a billionaire investor and the CEO of Galaxy Digital, said that bitcoin is likely consolidating currently before initiating its next move higher in a statement.

“If BTC goes to $100, it is game over. It won’t. It’s already established itself as a store of value. Stop wasting your time with these tweets and go outside and enjoy the summer. BTC is consolidating before its next move higher,” he said.

Josh Rager, a cryptocurrency technical analyst and trader, indicated that from a technical perspective, bitcoin has not cleanly broken out of the $10,850 resistance level, which many traders have emphasized in the past several days.

“Daily time frame resistance did its job & price closed under after that $400+ wick It’s always good to wait for a retest to make sure a broken resistance holds as support & this is a clear example Neutral at the moment & still in range,” noted Rager.

When the bitcoin price initially moved past $10,500 after recording a nine percent rally within a span of minutes on July 19, traders indicated that the $10,850 resistance level would have to be breached to confirm that the short term trend of the asset is bullish.

“10.4 met. No violent reaction, no rejection – BTC looking decent. Let’s see reaction at this next resistance. Punch and close above $10,850 and things start looking substantially bullish,” one trader said at the time.

Bitcoin has not been able to reclaim $10,850 since then despite briefly surpassing beyond $11,000 on July 20.

Fundamental factors

As the bitcoin price slightly slumped since early July, precious metals like silver and gold are gearing towards having its best week in recent years.

Still, Equity Armor Investments executive Brian Stutland stated that crypto assets like bitcoin could appeal to investors in the medium term if interest rates in leading economies including the U.S. and Europe fall in the near term.

“I think the move out of fiat currencies is still real. If interest rates are going to stay below 2% in the United States, if they’re going to stay negative in Europe, [if] they’re going to stay flat in Japan, where else are you going to put your money? And that’s where you look at the metals, you look at cryptocurrency as a place to do that. So, silver might be a sell, but I think gold’s a buy,” he said.

Macro factors could contribute to the medium-term recovery of bitcoin and the rest of the crypto market in the upcoming months but in the short term, traders seemingly remain cautiously bearish in the trend of the market.

Click here for a real-time bitcoin price chart.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Terrorists are turning to Bitcoin for funding, and they’re learning fast

Representational image of Bitcoin. (File: Bloomberg) By Nathaniel Popper Hamas, the militant Palestinian group, has been designated a terrorist organization… Read More

2 hours ago

Latest Faketoshi says he conveniently ‘lost the hard drive’ containing billions in Bitcoin

Just yesterday we told you how there was a new Faketoshi in town, staking a questionable claim to the Bitcoin… Read More

2 hours ago

Study Suggests Scarcity Could Drive Bitcoin Prices to $60,000 by May 2020

Share Tweet Send Share Bitcoin price predictions have been coming thick and fast in recent months as the world’s top… Read More

2 hours ago

“Bitcoin will never hit 50k” says crypto skeptic Peter Schiff

For a man that wants nothing to do with Bitcoin , economist and Euro Pacific Capital CEO Peter Schiff never… Read More

2 hours ago

Casa Releases Node Monitor Service to Improve Bitcoin Network Health

Casa, a crypto firm that provides a private key management service and Bitcoin node machine, has unveiled a node monitor… Read More

2 hours ago

ETC/ETH Technical Analysis: Ethereum Classic breaks higher

Ethereum Classic vs Ethereum: Classic is making a comeback today An important price level has been broken 0.037673 looks to… Read More

2 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More