Bitcoin price analysis: Bitcoin is headed towards $11000


Bitcoin price analysis isn’t really needed when a look at the chart can tell you that BTC price has been on the climb.

That being said it should come to the players in the market as no surprise that Bitcoin (BTC) is doing so. With the buyers having full confidence in the crypto coin and the sellers backing off and hiding in a bearish veil. Things were expected to be like this.

However, the great cataclysmic FED’s cut on the Dollar bill rates was a real setback for the fiat. Bitcoin (BTC) worked just fine under these conditions and has been trying to go over the ten thousand nine hundred and fifty dollars ($10,950). The resistance around this place is somewhat hardcore.

With more taxes on inbound goods being imposed, as proposed by the US president, himself on 1st September 2019 it seems like that by the weekends we’ll be experiencing Bitcoin in all its glory. A support above the thirteen thousand dollars ($13,000) mark seems like a reality.

Bitcoin price chart by Trading View

Currently, Bitcoin has surpassed the daily standings mark and has moved from fourteen billion dollars ($14B) to seventeen billion dollars ($17B). But a rather noticeable move would be for BTC to go above twenty billion ($20B) dollars or the recent all-time high (ATH) at thirty billion ($30B) dollars.

Altcoins are not in good shape. The BTC/ALTCOIN pair had been showing deviation from the common trend- that of both the members running together.

Altcoins will suffer more with Bitcoin securing a position above the sixty-six percent (66.4 %) mark. Before its climb, BTC was suffering below the sixty-five percent mark (65%). Securing key positions for Bitcoin will be made easy now but the altcoins have much to worry about.

With the top of the list altcoins as Ethereum, Monero and Bitcoin Cash faring well off, Most of the altcoins have been experiencing a one (1%) to four (4%) trade-off in their prices. The altcoin bloodletting might stop, and that’s a ‘might’-on the speculative scale if Bitcoin goes rallying up way higher than the current stop.