Bitcoin Retakes $11k — Further Reinforcing Analysts Take That $20,000 Is In Sight
By Adrian Klent – July 28, 2020
At the time of this writing, Bitcoin is trading at a price of $11,026, which was first attained in the last 24hrs. The entire cryptocurrency community, especially Bitcoin users on Twitter have been tweeting tirelessly about the long-awaited price rally.
At present, Bitcoin is among the global Twitter trends with more than 100,000 tweets from the community. Regardless of the constant dips, analysts are still very confident that the big bull will make a crossover, and this is reflected in the live Bitcoin trading chart.
The one-day candlestick chart conveys Bitcoin’s sloppy movement from when Bitcoin hit $10,000 on the 27th of July, at 16:00 (UTC), and crossed over to $10,300. For the next two hours, the bears tested their luck but couldn’t hold strong as the mild bullish reversal steered the rally.
On the 27th of July, Bitcoin crossed the $10,600 and $10,800 resistance levels and hit $11,000. The daily all-time high was at $11,256, a mid dip sent Bitcoin below that price but the $11,000 price range was still maintained up until 8:00 am (UTC).
The momentum was lost shortly after and another dip to $10,700 was witnessed. Since then, the bulls have been struggling to stay afloat but power has been exchanged severally between bulls and bears. While bears’ impulse isn’t strong enough to pull the big bull below the $10,000 price mark, at least within the next few hours, the bulls will need to maintain the $10,500 mark as the minimum support level or Bitcoin might retest previous support. Hitting the $11,500 high could happen anytime soon. The next 24hrs could set Bitcoin in motion for $12,000 or prices could trade within the $11,000 and $10,000 if the market goes sideways.
Meanwhile, analysts are firmly stating that a $20,000 price may be attained sooner than later. As July comes to close, analysts are more bullish than ever. Popular analyst MoonCarl tweeted earlier today saying the bear market was over. If this is the case indeed, Bitcoin may trade above $10,000 through the rest of the year.
The editor at Kraken, Pete Rizzo also said that the ongoing bull run during this time translates to Bitcoin entering an “uncharted territory.”
MoonCarl wrapped up with another bold tweet that is being echoed by many. But whether or not Bitcoin hits $20,000 in the coming months, the bulls are once again largely in control of the market and new all-time highs may be attained from here on out.
The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
Article reposted on Markethive by Jeffrey Sloe
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