Market Overview: How High Will The Bitcoin Price Go In the Next Few Weeks?

2019-7-2 19:35

Since its introduction to the World, Bitcoin has been one of the few disruptive innovations of the 21st century.

From changing the way transactions occur to the introduction of the new and exciting System of Cryptocurrencies and blockchain technology; Bitcoin has been a game changer in more ways than one.

The recent price surge which brought it and the whole crypto verse from the doldrums has made many to wonder if there is going to be any major reversal just like in previous times.

To be able to predict if such a reversal is possible, one would have to consider major price action points of the cryptocurrency from a technical perspective and the fundamentals driving such.

Bitcoin Price Chart Courtesy Of CoinGecko

Bitcoin is poised to break its current resistance of $11,641, However, should it not happen, it will have a support fallback of $8.4k

Based on this, it is safe to say for now that Bitcoin is ranging to break out of the $11k zone.

Now if and when that happens, then Bitcoin is going to face the following price action points which will help it to propel its way forward; provided that the institutional interest remains strong.

Also, we might all be pleasantly surprised to see Bitcoin beat everyone’s forecasts due to renewed retail interest and mass adoption.

A price action point at $16,100 based on an advancement of 38% using Fibonacci ratios is quite possible. This, of course, opens the break out phase where it will try to go above $20k again.

It is expected that once the cryptocurrency utilizes the $16k price point as support, from there it will be able to take off towards $18,700 which is 61.2% of the original break out point from $11k.

If Bitcoin can beat this price, then it won’t have a hard time crossing to $22.3k which will herald the wild ride of summer that everyone is expecting.

All the above-described scenarios are based on the fact that the current fundamentals remain strong and that other fundamental factors such as widespread adoption also come into play.

So, in answer to the question, if Bitcoin will fall to previous levels, it is rather highly unlikely due to fundamentals playing a greater role in price determination rather than speculation.

What do you think? Will Bitcoin ever go back into the doldrums again?

Please let us know in the comments below!

The post Market Overview: How High Will The Bitcoin Price Go In the Next Few Weeks? appeared first on ZyCrypto.

origin »

Bitcoin (BTC) на Currencies.ru

$ 94117.42 (+0.06%)
Объем 24H $34.416b
Изменеия 24h: -1.97 %, 7d: -1.30 %
Cегодня L: $94117.42 - H: $94253.81
Капитализация $1865.983b Rank 1
Цена в час новости $ 10661.41 (782.79%)

bitcoin price introduction one overview market high

bitcoin price → Результатов: 126


The Fed is expected to cut interest rates twice in 2025, what might this mean for the Bitcoin price?

The cryptocurrency market has gone mainstream. It is no longer retail investors’ assets as institutions globally are investing in Bitcoin and other major cryptocurrencies.   As a risk-based asset, Bitcoin’s price is affected by central bank policies, especially those from the United States Federal Reserve.

2025-2-18 15:05


Bitcoin Price Remains Bullish As Monthly Stochastic Sits Above 80, Here’s Why

The Bitcoin price has struggled to break above the $100,000 threshold decisively over the past four weeks, largely fluctuating within the $90,000 to $100,000 range. This correction and lackluster price action have caused a degree of bearish sentiment among traders, with some speculating that Bitcoin might have already reached its peak for the current cycle. […]

2025-1-15 18:30


Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH

The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.

2024-12-16 11:30


Are Bitcoin Whales Still Holding For Higher Profit? This On-Chain Signal Suggests So

The Bitcoin price performance in 2024 is one for the history books, with the premier cryptocurrency crossing the $100,000 mark for the first time ever. However, hitting this milestone opened the door to another conversation — when will the market top be in? As a result, several predictions of the Bitcoin price top have emerged […]

2024-12-15 12:30