Bitcoin shown a stable trend in August which is rare in cryptocurrency market. Throughout this week, Bitcoin price has hovered at $7,000 mark. Since Monday, the market has shown any extreme trend in up or down direction, possibly due to lack of volume in Bitcoin and other major crypto coins has shown positive momentum. The reversal of moving average convergence divergence (MACD) in the low price range of BTC at $7,200 suggests that $8,000 is the next short-term target for Bitcoin.
Flood a technical analyst consider the closing as optimistic. He says,
Beautiful close. Rally from yearly lows intact. Next 3D close will be massive for $BTC especially given the huge short open interest. Low volatility with a huge cash buyer providing support. I think it’s unlikely the shorts are a massive ‘synthetic put’ ‘ala OKEX style
Hermann Finnbjörnsson, founder and chief executive of Bitcoin and cryptocurrency advisory firm Svandis told The Street. “I believe that [the Bitcoin price] will hit $10,000 by the first week of November. I think that there are a lot of reasons to be bullish on Bitcoin. [There’s] Less than a 1% chance in my mind that Bitcoin won’t succeed.”
SEC is currently reviewing the application for approval a Bitcoin ETF, filled through the Chicago Board of Exchange. SEC previously rejected the application due to the unpredictability of the crypto coin price. But now fresh investments and possible positive review outcome has given a new start to the market and people are predicting for Bitcoin to raise even more than $10k in November.
Russell Korus, the CEO of EZ Exchange, also spoke with the publication regarding Bitcoin.
“There are numerous reasons why this new asset class has captured people’s imagination since its inception in 2009 — bitcoin displays a number of characteristics that make it a very powerful and alluring concept. It allows for direct, peer-to-peer transfer of value in completely trustless transactions. It is fully decentralized, autonomous, writes all of its records to a public ledger, and its record-keeping is completely immutable.”
Analysts believe that Bitcoin and block chain has the potential to lead a brand new era where value can be exchanged without an intermediate party. This shift is may be far and has some resistance but surely hold a place in future. Sentiment within the investors is also shifting, with a multitude of traders and investors are now starting to believe in the crypto market. Intercontinental Exchange, Starbucks and Microsoft will be launching a crypto currency platform in November, called as Bakht. This would be the biggest new of this year for crypto market and possibly bring more investors and traders to buy Bitcoin.