Analyst Predicts a Revival in Bitcoin Price


Binance Bitcoin Exchange: Bitcoin price fell below the price $10,000 mark as on September 11 as five-figure support for the largest Cryptocurrency finally crumbled. Coin Desk 360 data showed a price drop of Bitcoin against the dollar falls from $10,200 late on Tuesday to $9,900 dollar. During press time the $10,000 dollar mark was acting as a guide rail. The fresh downside was anticipated by forecasters, who generally agreed that support at higher levels was not strong enough to guarantee bullish short-term behaviour. A consensus had formed around a return to four figures before any kind of market renaissance got underway. In line with that theory, regular commentator and contributor Crypto Micheal said there was no cause for concern among Bitcoin investors. He commented that overall market cap was looking fresh adding to it he showed a chart of BTC/USD long term performance.

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Fellow contributor Nick Cote suggested selling pressure could last until Bitcoin’s block reward halving in May 2020 — reducing market supply — having likewise advised caution to short-term traders, particularly as the highly-anticipated Bakkt platform launches later this month. A possible source of contention among analyst and investors in the short-term was Cryptocurrency exchange Binance Bitcoin Exchange’s blocking of service to United States users from its service. In line with regulatory demands,  Binance Bitcoin Exchange is opening a segregated trading environment for the U.S. market. Altcoin also followed suit in terms of prices and shed 1-2 % in USD terms over the past 24 hours. Ether the largest altcoin by market cap after Bitcoin fell 2% to 178$. Alts had previously staged a modest rally in Bitcoin terms, progress which nonetheless faltered as overall sentiment turned to sideways trading. The Cryptocurrency market cap stood at $259 billion on Wednesday, with Bitcoin’s share at 69.6%. The price of the Bitcoin Cryptocurrency is to surely rise in the long term as a crypto analyst are sure about the currency true potential for the long term.

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Source: Coin Telegraph

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