Bitcoin is approaching $13,000, and analysts say new funds are still not entering the market and will continue

Bitcoin is approaching $13,000, and analysts say new funds are still not entering the market and will continue

Bitcoin has not stopped rising after breaking through $10,000. According to the data, the bitcoin price was $12,738 as of the time of publication, hitting a 17-month high. Bitcoin has risen 13.34% in the past 24 hours and has risen an astonishing 43% in the past seven days. Analyst Mati Greenspan said that the upside is driven by traders who have already entered the market, and new funds have not yet entered the market, and the rise will continue.

Technical analysis shows that the current support and resistance levels for Bitcoin are $1,1500 and $13,700, respectively. If the market conditions continue to maintain its current trend, it may try to reach above $13,500 in the next few days. If the price falls below $11,500, it will support near $11,000, but the overall market trend is still bullish.

Earlier this week, senior crypto-trader Peter Brandt said bitcoin bitcoin is currently in the fourth parabolic rise phase with a target price of $100,000. His prediction coincides with the view of Enthony Pompliano, founder of the encryption company Morgan Creek. As Barry Silbert, founder of the Digital Money Group, said in an interview with Bloomberg, "We are coming out of the encryption winter, we have come to the encryption spring."

As bitcoin prices have risen, its dominant rate in the encryption market has also reached more than 60%, the highest level in two years. However, the current market environment is completely different from two years ago. eToro analyst Mati Greenspan said that

“When Bitcoin reached this price for the first time, the world just understood this new digital asset, and FOMO (missing fear) pushed the price up. At present, this rise seems to be more due to the increase in awareness and application. Sustainability, the current price is more reasonable."

Greenspan also said in an interview with CCN that most of Bitcoin's trading volume comes from the reconfiguration of existing trader funds in the market, indicating that "new funds" have not yet entered the market. This means that with the launch of a large number of Bitcoin investment tools on Wall Street, a large amount of money will still enter the market. (than push)

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Bitcoin's "roller coaster" plot is hard to stop the trend, and the seven major indicators indicate that the bull market has officially returned.

In the early hours of Beijing time, Bitcoin once again staged a roller coaster story. Bitcoin suddenly rose in the ea...

Blockchain

Bitcoin is 15 minutes deep and $1,700. Coinbase and other platforms once 瘫痪

According to data provided by qkl123.com, bitcoin prices sprinted to a maximum of $13,965 at around 3 am today, and t...

Blockchain

Was the plunge completely a whale? This person has completed a short sale and made a profit of $ 20 million

A high-profile Bitcoin whale said he has stopped shorting Bitcoin. Image source: Pixabay The whale is named Joe007, a...

Blockchain

The most commonly used cryptocurrency in the world is not bitcoin?

What is the most widely used cryptocurrency in the world? If you think Bitcoin, which has a market capitalization of ...

Blockchain

Mining energy consumption and privacy protection - Exploring the unresolved problems of Bitcoin in 2019 (below)

In the previous article , we introduced four main issues that Bitcoin still has not solved in 2019: account type and ...

Blockchain

8 exchanges hold more than 1.95 million BTC, direct calls from investors are too dangerous

Eight major bitcoin exchanges hold more than 1.95 million bitcoins ($ 14.1 billion), and cryptocurrency investor and ...