As some Bitcoin experts had predicted, the price of Bitcoin went above $10,500 today August 3, 2019, and according to the charts it is going toward $11,120, which means a full force bull market once again.
However, the daily charts also indicate that the price of Bitcoin might lean toward a bearish market before hitting the full force bull market and fall to around $10,300.
This is the fourth day that Bitcoin has been on the rise and therefore it is not far-fetched to say that Bitcoin might go up to hit $11,000. According to the data released by Bitstamp, Bitcoin had an increase in price in the amount of 1 percent on Tuesday, 5 percent on Wednesday, 3 percent on Thursday, and 1.1 percent yesterday, on Friday.
Experts believe that the reason Bitcoin fell down around $9,400 and remained around that price is an economic phenomenon called seller exhaustion. Economists believe that the seller exhaustion in the market of Bitcoin was expected since its market was really booming for a long time. Now they say after a while of the bearish movement, the Bitcoin market is ready to move toward being a bull market again.
The 14-day relative strength index of Bitcoin is above 50 which is a sign that this market is leaning toward the Bull market again. There is also another index called the MACD, which is an indicator used to identify trend change and trend strength, that has recently gone above zero for Bitcoin, which is also another indicator that Bitcoin is moving toward a bull market again.
If the bullish trend of Bitcoin continues and could surpass the $11,000 threshold, then it is believed by experts that Bitcoin price could once again go above $13,000 and experience its full force bull market of the 2019 again.
Thursday, August 8, 2019 6:54:00 AM