Blockchain Capital Expert: “Bitcoin is too close to a sudden fall”
Bitcoin price analysis is available on Sunday, October 7. The crypto money sector is trying to find its way lately. Let’s take a closer look at the BTC price.
Bitcoin Price Analysis Tuesday, October 7
The father of the crypts still moves in the band of 6.500 in the process of preparing our analysis. In the last few days, nothing has changed in the price of Bitcoin. Bitcoin found a sweet place does not want to move. He continues his horizontal movements wrapped around the line like ivy.
BTC/USD 4 hour price view
BTC prices have been gradually decreasing since May 5, 2018. Not only does it fall, but it also leads the sector. There may be people who wonder why. Let us explain:
There is a simple reason for this. BTC, which is the sole ruler of the market without being discussed, parallels all currencies, so the price movement in BTC affects the value of all crypts as satoshi value.
Let’s take a look at the example: Tron as of now. When the value of BTC increases, the value of Tron increases automatically. Even if it is the same value as Satoshi, its value in USD rises. Because BTC has assessed. This is also the case for other situations. However, there are no instances of this. This rule is valid during a steady rise. In the ongoing Bitcoin bull BTC attracts the capital of the market.
As seen in the 4-hour BTC / USD chart, we see a larger angle between 6200 -6800 USD in September, but when we arrive in October we observe that the movement range for BTC is between $ 6400- $ 6600. The price of the BTC continues to look for a direction in an increasingly narrow triangle. But the end of the triangle is about to be reached!
We see that the ends of the Bollinger band look at each other and the band is shrinking. We expect a serious price change in a short time. The previous block of Bollinger Band took place on September 24 and had come down.
The RSI indicator indicates a stagnation in the momentum of BTC and we do not see any superiority in buying and selling.
The MACD indicator is also in the zero zone. That is, 12 and 26 day moving averages are equal. This point shows that no trend is occurring. The current data is completely neutral. It’s hard to say which way the price will go.
Spencer Bogart, an employee of Blockchain‘s entrepreneurship company Blockchain Capital and capitalist of Blockchain, said in a speech that the price of Bitcoin was almost at the bottom.
Spencer Bogart, a digital currency and Blockchain Capital employee from Blockchain; Bitcoin said the price was almost at the bottom.
Ibe We are about 70% below our summit, so I think that Bitcoin and the rest of the market are close to the bottom, ibe Bogart said recently in a program. ”Towards the end of last year, when the crypto money market was at the height of the bull market, bad news had no impact on the markets,” he added.
Bogart’s estimate of the Bitcoin price base is close to the estimates of major market players, such as the founder of the crypto investment company Galaxy Capital Management. Novogratz, the founder of Galaxy Capital Management, said in a tweet last month that digital money prices hit bottom. In addition, Novogarts had predicted that many institutions would join the crypto sector in the next two to three years, in a speech at the Beyond Blocks conference in South Korea in July.
According to research done; 54% of the corporate players in the market think that Bitcoin has already hit rock bottom, reaching the lowest value point this year. At the same time, these corporate players say Bitcoin has a high growth potential in the future. 57% of respondents said the Bitcoin price would reach $ 15,000 by the end of 2019.
In recent months, the famous investor, Tom Lee, reiterated his views on Bitcoin and claimed that the price of the crypto currency would be between $ 22,000 and $ 25,000 by the end of 2018. At the end of August, Lee suggested a relationship between emerging markets, suggesting that Bitcoin could “explode by year’s end.”