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- After a brief phase of consolidation along the $ 11,000 limit, Bitcoin rose to $ 11,670 at the time of writing.
- Analysts expect a further hike to $ 14,000 if BTC can again rise above $ 12,000 in the coming days.
Bitcoin was able to attract new buyers after a brief consolidation phase along the $ 11,000 mark and at the time of writing it rose to $ 11,670. The price of Bitcoin has risen by 2.93% in the past 24 hours. Market capitalization increased from $ 208 billion to $ 214 billion.
Many analysts see a good chance in current developments that Bitcoin will again break through the $ 12,000 limit and chase the next $ 13,800 resistance level. Blockroot founder Josh Rager says Bitcoin could break the $ 12,000 limit again in the next 24 hours.
The last close of the candle on the daily chart can be followed just below the last local high. This is a bullish premise for a further bullish trend in the coming days. The last good opportunity to buy Bitcoin cheap was when BTC briefly dropped to $ 10,500 or stabilized along the $ 11,000 limit.
Daily close just below the previous high
I think Bitcoin could go above $ 12k in the next 24 hours
The opportunity to buy bearish, below $ 11k, has been short lived, which is typically a bullish sign pic.twitter.com/x51mcGIdZ0
– Josh Rager 📈 (@Josh_Rager) 6 August 2020
Many major tech industry heavyweights, such as billionaire Mike Novogratz, describe Bitcoin as the new digital gold. The expert technical analyst “Byzantine General” agrees with this view. According to him, Bitcoin will soon reach a new all-time high and thus follow the success of the gold price trend.
Remember in January of this year when I started saying it #GOLD would make a new all-time high?
This is how I feel #Bitcoin right now.
There is literally no doubt in my mind that we are creating a new ATH.
– Byzantine General (@ByzGeneral) 5th August 2020
Bitcoin expert trader “The Chief Of Crypto” says on Twitter that Bitcoin will move into a tight price range between $ 11,500 and $ 11,700 in the next few hours and days before a correction to the $ 10,500 support zone follows. This support must last, otherwise Bitcoin could easily drop to $ 9,000. In his opinion, there are good trading options in the Altcoin market as long as Bitcoin is trading above the value of $ 10,500.
11500-11700, then down to test the 10400-10500 support zone, which should hold out for a while.
Looking for longs above that level and shorts below it.
Altcoins should perform very well as long as BTC stays above 10.5k -> $ EOS, $ XTZ, $ XRP, $ XLM… pic.twitter.com/Bpmao6dM61
– the Boss Of Crypto (@CryptoCapo_) 5th August 2020
“The Wolf Of All Streets” jokes on Twitter that thousands of people spent several Bitcoins on one gram of weed a few years ago and still doubt BTC today, even though Bitcoin has jumped to $ 12,000 today. Bitcoin has no intrinsic value yet, it is the most common answer. He summarizes:
That’s why we’ll all get rich and they’ll go crazy.
Trader “Jonny Moe” also shares his bullish mood with the community and says he has a similar feeling as before the 2019 rally. At the time, Bitcoin rose from just under $ 7,500 to $ in June. 13,000 in less than 30 days, almost doubling the price.
Anyone else hearing in April 2019? $ BTC pic.twitter.com/JizJiSxKWi
– Jonny Moe (@JonnyMoeTrades) 5th August 2020
Altcoinmarkt follows Bitcoin
The Altcoin market currently appears to be following Bitcoin, with Ethereum, XRP and Cardano also showing increasing volatility. The biggest winner in the top 30 largest cryptocurrencies by market cap is Zcash, up 12.54% at a price of $ 95.92 in the last 24 hours.
Many investors are turning their attention to newcomers to the DeFi market, which has been making big profits in recent days. ETH founder Vitalik Buterin warns, however, that expectations are too high, as price trends are often unsustainable.
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