Bitcoin has stabilized between the $9,000 and $10,000 ranges for quite some time, which means that it is a strong support level and can be considered as more resilient than ever as it hovered around the $10,000 psychological support level and despite that it is still about 50% lower than the top Its all-time high at the end of 2017 was $19,700.
Many market analysts and experts have pointed out that Bitcoin holding above $9,000 to $10,000 for a long time indicates a more mature market with a strong foundation.
Back in 2017, Bitcoin soared XM From below $1,000 to an all-time high near $20,000, but the move was choppy and erratic as it only stayed near the $10,000 level for 73 days (between November 26, 2017 to February 2, 2018) Then it entered a stage of unbridled collapse.
But since June 16, 2019 so far, Bitcoin has risen to trade near the $10,000 psychological support level, which indicates a foundational strength in the digital market.
Bitcoin expected to rise by 100%
Trader Josh Rager, famous for his ambitious Bitcoin price targets, sees the major cryptocurrency going up by 100% in 2020 if the same historical pattern is repeated again.
Rager cites a pattern that was last seen in 2015 and 2016, at which time the price of bitcoin rose significantly (doubling about 2.5 times) for about six months before trading in other directions, from around $450 to more than $900. .
Although the currency showed at the beginning of last September a strong breach of the $10,000 level to reach the $10,900 level, it was unable to stabilize and quickly retreated to show conflicting signals and traded in the $10,000 range, in light of weak demand for greater buying. Digital currency in the world with the need for strong and supportive catalysts for the digital market.
The reason behind the stability of Bitcoin at the level of $ 10,000
Among the most important reasons for the stability of Bitcoin, investors are awaiting the launch of the Bakkt exchange, which is affiliated with the Intercontinental Exchange, which owns the New York Stock Exchange, and the official trading of futures contracts in the currency of Bitcoin, which is supposed to be launched on September 22.
Many analysts and experts have believed that Bakkt may have caused surges in the price of Bitcoin, and although it is too early to tell, the latest signs of Bitcoin prices are not looking good.
Perhaps the problem is with Bakkt news about futures contracts that look outdated, as the idea was first floated at the end of 2018 but has encountered delay after delay, much like a lot of bitcoin-denominated ETFs that were introduced and failed to come to fruition within a set period .
Despite what was previously mentioned, the intrusion of cryptocurrencies into these assets will lend some legitimacy to the crypto space, and eventually a complete and orderly system will be reached and more companies will allow it to be used as a form of payment.
That's why it's disappointing if investors view Bitcoin as having a few small rallies here and there that will be followed by small immediate troughs.