Bitcoin price analysis reveals that the best time to buy Bitcoin is now since the BTC price is going to stay slow for the next couple of weeks.
The accumulation hand is at play according to the analysts. It has been, and for some time in the immediate future, will be difficult to predict the way Bitcoin (BTC) will be acting.
However, accumulating currently might stand out to be a better choice than just sitting ducks while the market makes a shift after this consolidation period.
Tradingview shows Bitcoin (BTC) escalating to a four-day high mark of nine thousand eight hundred and thirty dollars ($9830).
The move is not considered quite bullish generally, on the contrary, it seems like a feat on the hourly chart for Bitcoin to have left the two hundred (200) hour moving average (MA) to bite the dust.
BTC also lurking around the 50 moving average mark is a good sign. Frequent visits to this MA and surpassing the 200 MA mark by three (3%) percent have given it a new resistance mark that might sty with us-fingers crossed.
Bitcoin might experience a rise in its price taking it above the four-digit area, by the time Sunday arrives.
Our fellow trader and analyst, Josh Ragers think that it is time to accumulate with the ongoing consolidation period. He himself has boarded the train and is going for Bitcoin and a few altcoins of his liking. The consolidation period isn’t going to last long. Might as well act fast or not act at all.
With a lack of major volatility, things quiet down
Reminds me when we were under $4k (not near as quiet) but these are the times where I set targets on Bitcoin & maybe a few alts
Months from now people will wish they would have taken more action during the slow price movement
— Josh Rager (@Josh_Rager) July 30, 2019
But… Yes, there is a but:
Last time such a consolidation period reigned with the four thousand dollars ($4000) mark being the rock bottom for Bitcoin. It seemed almost inevitable that the drop to the two thousand dollars ($2000) mark would even occur but it did.
A number of analysts are waiting for Bitcoin to make the same move and head over to the eight thousand dollars ($8000) territory before putting on their game face.
Tomorrow, Bitcoin will experience the first Fed rate cut in its history.
— Travis Kling (@Travis_Kling) July 31, 2019
The Federal Reserve Board will be cutting down the interest rate by a quarter percent in the US dollar which is a good thing for Bitcoin – not the fiat itself.