Bitcoin [BTC] looking to continue bullish run after recovery to $9000
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Bitcoin recovered after its drop down to $8700 on Thursday this week. It continues to appreciate in value, with it currently trading at $9376. It started off this week at $8728 on April 21st, with a growth rate of 6.59% over the week. 7-day price graph | Source: CoinMarketCap
Bitcoin hit a high point of $9700 Wednesday, fuelling speculations that it might break the $10000 resistance and continue its aggressive bullish run. However, it dropped down to $8700 on Thursday and recovered on Friday, regaining the $9000 mark.
In relation to other cryptos, Bitcoin is still at the #1 spot by an overall market cap, with a current cap of $159.19 billion.
Although the market is in a general bearish trend, Bitcoin, along with other altcoins, recovered towards the end of the week.
This week, the 17 millionth Bitcoin was mined, further making the market aware of the scarcity of Bitcoin, as only 21 million can be mined in total. The scarcity will eventually increase the price of Bitcoin, said Ansel Lindner, the host of “Bitcoins and Markets” podcast.
Earlier this week, the CEO of Pantera, Dan Morehead said that Bitcoin was a ‘ screaming buy ‘, leading to the company issuing its 3rd buy notice in 7 years.
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Partner at US-based investment firm Pfeffer Capital John Pfeffer stated that Bitcoin is the first viable replacement for gold as a store of value.
He said:
“Bitcoin is the first viable candidate to replace gold, it is better on every front.”
After Verge’s partnership with adult entertainment industry leader MindGeek, cryptocurrencies are foraying into the adult services market. Bunny Ranch, a legalized prostitution house started accepting Bitcoin for payment.
In other news, Roger Ver might face a lawsuit for his “controversial” manner of publicizing Bitcoin Cash. This comes after he interchanged the symbols for Bitcoin and Bitcoin Cash on his website bitcoin.
com, reportedly leading to consumers purchasing the wrong currency.
General public sentiment is riding high for Bitcoin, with Twitter user Crypto Sara saying:
“Bitcoin will do to banks what email did to the postal industry.” Follow us on Telegram | Twitter | Facebook Related Topics:
Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently. Continue Reading Your email address will not be published.
Required fields are marked * Comment Bitcoin [BTC], safe after the $10000 mark? – Sentiment Analysis – April 28
Published Vinod KA Source: Pexels
The cryptocurrency market is showing high volatility again as the prices were seen to be at firm levels but soon afterward it went down again to swing lows and come back up. This movement was observed for the coins which followed Bitcoin [BTC]’s trend.
EOS is seen to be under a major bullish trend with a gain of 18.93% in the last 24 hours.
The coin is currently trading at the all-time high levels and at 10:07 AM UTC, it was seen to be trading at $18.77 with a market capitalization of $15.
406 billion. EOS is way ahead of Litecoin [LTC] in market capitalization and EOS is more likely to retain the 5 th spot in the rankings.
TRON [TRX]’s bullish streak also has not waned and the coin has had a gain of 8.93% in the last 24 hours. Bitcoin [BTC] has gone back up to the $9000 levels and looks firm above the level.
Even though the coin had a loss of 0.
34% in the last 24 hours, it looks steady above $9000.
The sentiment analysis segment is carefully structured after interviewing a group of influencers, miners, skeptics, analysts, investors, and thereby recording their valuable comments and opinions.
This includes the sentiments of experts, from around the world, which were gathered and are presented as it is to ensure that our readers get a wholesome picture about the current market trends and possible outcomes of the coins. This analysis focuses on the number one ranking coin in the cryptocurrency world; Bitcoin [BTC].
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Bitcoin [BTC]
At 10:28 PM UTC, Bitcoin was seen to be trading at $9295.54 with a market capitalization of 158.053 billion. The intraday high for the coin was seen to be at $9745.
0 and the price is trying to correct higher.
The target set for Bitcoin is at $10000 but there is a resistance to the coin at the previous swing high level.
The coin has a bullish momentum at the present moment and a break above the resistance could take the coin higher to $10000. The MACD indicator for the coin in the 4-hour chart has now crossed and it is looking positive. The Weis Wave Volume indicator has a bullish control and the Stochastic RSI is heading towards an overbought position.
The coin is trading above the 100 and 200 SMA in the hourly chart of the coin. These indicate that the buyers have the upper hand and a number of buyers will enter the scene.
Marley Bauer, a Stock Broker from New York says:
“Bitcoin is bound to follow a corrective ABC pattern, which means that the bull may have dominance at the present moment but the bears are not far away. The B wave has been completed and the coin has started to follow the next wave. The coin also has completed a head and shoulder pattern. In my view, there will be a short-term upside correction and soon after that, the coin will retrace back to the swing lows.”
Stacey Hutchinson, a Financial Advisor from Texas says:
“Bitcoin broke the trend on the 20 th of April which started in December and things are looking good and the bull mode is on.
The 20 SMA has crossed the 50 SMA on the daily chart and this signals a bullish trend which took some time to materialize after Bitcoin started to gain recover. This month’s bottom was at $6425 and the coin had hit the bottom at $6000 in the early February.”
Robert Manning, an Altcoin miner from Brisbane says:
“Bitcoin is currently priced in the ‘No Trade Coin’ which extends up to the $9455 mark and if the coin breaks this mark it will enter into a buy zone. The market is filled with blindly bullish investors who disregard the fact that the market is still under the control of the bears.
Indeed we have had a rally, but this does not take away the possible dangers in store.”
To conclude, Bitcoin respondents have a bullish bias with an equally important bearish bias. 57% of Bitcoin respondents feel that the coin will test the $10000 mark and will move up but another 43% of the Bitcoin respondents are of the opinion that Bitcoin will once again fall below the $9000 mark for a short-term once again. .