After days of struggle, Bitcoin price has finally found its way out of the slowdown. Exactly before 1 week, the coin was being traded near 9000 USD, and now it is racing with its full might towards 13,000 USD.
Bitcoin (BTC) has continued to gain momentum today, with its price passing the $11,500 mark. The top 20 cryptos by market capitalization are seeing mixed results on the day, with most gains and losses around 3%.
Bitcoin price adds 5% hitting $10,500 levels. Meanwhile, a new report from Delphi Digital describes current trends in the global economy that could serve as a catalyst that should propel BTC price even higher.
Weaker USD may be good news for Bitcoin price which could pick up more because of the quarter-percent rate cut. The move has been seen as preventative by economists but could also be a catalyst for the next financial crisis.
Bitcoin had been in an uptrend for most of the day, and yesterday it managed to successfully pierce the $10,000 mark, which is generally considered to be a level of crucial psychological, if not technical, resistance.
Crypto analysts and experts expect a bright show for Bitcoin price in the future amidst the growing uncertainty in the global economy and several other factors.
Billionaire Bitcoin bull, Mike Novogratz, has predicted that Bitcoin price will hit $20,00 before the year ends. He said this during a Bloomberg interview where he also touched on Facebook’s Libra.
Pantera Capital’s CEO Dan Morehead pointed to a potential Bitcoin price move to $356k within three years based on past trends of BTC price movements on a logarithmic scale. Morehead’s math also indicated that Bitcoin price targets $42k in 2019.
Recently Bitcoin price dropped by a little more than -5%. This price movement is rather unexpected since the community anticipated the opposite after Bakkt announced their test launch of its new Bitcoin futures trading platform.
The latest Q2 reports show that IBM’s earnings and cloud revenue surpassed the projected street view while Bitcoin plunged below $10,000 as the US Senate has a go at Facebook’s Libra.