Bitcoin prices have been back and forth up to 20 times in the past two months at the $10,000 mark, but some analysts hope that this week may be the last time Bitcoin has fallen below the 5-digit number. You may not be able to buy 4 digits of bitcoin anymore.
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Bitcoin once again broke through the $10,000 mark
In discussing the data tracking of BTC/USD since the beginning of July, the analyst agency called Skew Markets pointed out that during this time, the $10,000 mark fluctuated no less than 19 times.
This summer, Bitcoin broke through $10,000 nearly 20 times – skew (@skew_markets) September 3, 2019
The chart data comes from the derivatives giant BitMEX, highlighting the market sentiment in the summer of 2019 in the bitcoin turmoil.
As is often reported, bitcoin trading prices of more than 10,000 US dollars generated bullish sentiment, while falling below 10,000 US dollars quickly turned into bearish sentiment.
Just last week, this phenomenon was clearly playing a role. At that time, the price of the currency fell to $9,350. When it stabilized at around $9,600, the community began to cry further. Those who hold different opinions and believe that the price of coins will pick up are quite criticized.
“I have never heard so many pessimistic comments in the Bitcoin community. It feels like few people believe that Bitcoin will rise.” Raoul Pal, founder of Global Macro Investor ) wrote on Twitter on September 2nd.
Pal had previously predicted that the short-term price performance of Bitcoin formed a wedge of “high probability of success” on the price chart.
Bet on Bitcoin again for $10,000
However, others have joined the ranks of optimistic about Bitcoin. Dan Tapeiro, founder of investment firm DTAP Capital Advisors, highlighted a technical indicator that he said Bitcoin offers a buying opportunity.
"Today's first buy signal since January 22. The previous signal prompted the price to rise 400% in six months. This is the second signal this year. The low of 9300 looks Like the low point of this revision," he concluded.
Twitter user and analyst PlanB also joined in on Tuesday, pointing out that the current difficult situation of bitcoin mining indicates that a new round of bull market is coming.
Another source took the opportunity to make fun of the current atmosphere. Well-known user Hodlonaut reiterated on Twitter that Bitcoin will not fall below $10,000 now.
The organizer of the "Lightning Torch" had previously placed a bet on the price of Bitcoin, but eventually lost, and concluded that the belief in 5-digit bitcoin is not entirely sincere.
As of press time, the exchange rate of Bitcoin against the US dollar was $10,500. At the same time, the progress of the competitive currency market has stalled.
The rise in Bitcoin has hardly caused any violent reaction from the competition currency, which means that investors who compete for the coin either see horizontal volatility or see the loss of the token. As a result, the share of the competition currency in the total market capitalization of the encryption market fell below 30% for the first time since March 2017, while Bitcoin has broken through 70% for the first time since then.