Bitcoin price consolidate around $11,000: new opportunity for investors?
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July 2 bitcoin price dropped below $10,000. Thus, Bitcoin lost 30% of its recent record price of this year, $14,000.
During the Asia session, bitcoin has been trading at around $10,200. Some industry experts, anyway, are quite positive about a recent pullback. eToro’s market analyst Mati Greenspan described July 2 bitcoin drop as “a bucket of ice water that was dumped on the anxious crypto market, which was indeed getting a bit too hot.”
Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital, shared an identical point of view:
“The pullbacks are healthy and are preventing an unreasonable climb.” He added that “Moreover, altcoins are not losing so much value in terms of BTC prices, which indicates that sellers are not moving out of crypto into fiat but merely balancing portfolios.”
However, some are not very positive about altcoins prices. Television broadcaster Max Keiser in his interview with CNBC stated that people now better understand the store of value bitcoin offers. Thus, according to Keiser, makes crypto owners move their funds back into “the most secure chain [bitcoin].”
Keiser said that altcoins prices will drop down because all the cash will flow into bitcoin. While right now bitcoin dominates 60% of the market, its share could rise up to 80%-90%. According to Keiser, “the altcoin phenomenon is finished.”
At the end of June, ThinkMarkets chief market analyst Naeem Aslam predicted that Bitcoin would reach a level somewhere between $60,000 and $ 100,000 during the next growth period. Aslam suggests that having overcome the bar of expectations of $20,000, Bitcoin will rush to $50,000, and further we can expect a price increase to $100,000.
CCN expert Kiril Nikolaev, while admitting the possibility of Bitcoin price further pullback to $7400 and probably even to $6000, says current bullish trend won’t be stopped. Long-term investors can use the opportunity to obtain bitcoins at cheaper prices.
Meanwhile, the number of search queries with the word “Bitcoin” updated the 16-month maximum, equaling the date of February 2018, although this number is still far away from 2017 hype.
According to media, hashrate and mining complexity of bitcoin updated the highs.
How to make profits from bitcoin price changes
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