A couple of days ago, the price of Bitcoin failed to go past the $10,500 and now is heading for $10,000. Mining difficulty is rising, Bakkt is soon set to launch and huge amounts of Bitcoin is being moved around. Which way is Bitcoin heading?
Many industry experts are now speculating on Bitcoin price as the top cryptocurrency has been trading sideways for quite a while after climbing more than 200% this year. The huge price increase from $3,300 to $13,000 has left everyone wondering – which way Bitcoin is heading now?
It seems like everyone is waiting for something to happen, but nothing is happening. Just recently, experts claimed that Bitcoin failed to go past one of the essential resistance points at $10,500 and now could be testing the support line at $10,000.
However, many of the experts rush to compare past price movements to the present ones. For example, CoinDesk compared the previous bear market in 2014 to the one we had now on a weekly chart. It shows almost identical charts, and it indicates that Bitcoin could be up for a run to $20,000.
However, we also have opposite opinion on this. A Twitter user @BigChonis who also is a crypto trader, shared some of his ideas on where the price of Bitcoin could go. He also believes that Bitcoin is in front of a massive move, yet not an upwards one. @BigChonis recalls the similarities in charts when comparing 2018 and present EMA 12/26 daily charts. They both look quite identical, and unfortunately, if correct, this could bring BTC way below the $10,000 mark.
$BTC – continued similarities between this current #bitcoin price action and that of 2018 in relation to the EMA12/26 on the daily chart…note the eventual resolution of the price and EMA consolidation and tightening was to the downside in epic fashion. #history pic.twitter.com/IoAHsxKVqX
— BIG Chonis (@BigChonis) September 15, 2019
While this is only speculation and mainly gives you a 50/50 possibility on where the price could be heading (up or down), there are some real events and statistics that suggest that Bitcoin is up for a pretty big breakout.
Bitcoin Mining Power Hits New Highs
The power which is allocated to run the Bitcoin network just hit a new record. The new study suggests that in the past three months, more than 600,000 machines have been “turned on” to mine Bitcoin. The hashrate reached a new ATH of 85 exahashes per second (EH’s) on Friday but now is already at 89 EH’s.
Also, mining difficulty has increased to new highs, now sitting at nearly 13 trillion. TokenInsight, which is a crypto trading and mining analysis firm, suggests that the mining difficulty will reach 15 trillion by the end of the year, with the total hashrate reaching 100 EH’s.
Bakkt Bitcoin Futures Soon to See Daylight
The long-awaited moment which crypto enthusiasts have been waiting for more than a year now will finally see daylight on September 23, when Bakkt has officially said to launch their new physically settled Bitcoin Futures platform. The company already accepts Bitcoin deposits and withdrawals through their custody service – Bakkt Warehouse.
next