Investors are currently in disbelief, attempting to argue that the asset remains above pivotal support levels.
The most important level traders are currently eyeing is the $9,500-9,600 range, where BTC struggled to break past during June and July.
BTC’s long-term outlook remains bullish, analysts say.
Mike McGlone, the senior commodity analyst at Bloomberg Intelligence, commented in a research report on crypto:
“Bitcoin is mirroring the 2016 return to its previous peak. That was the last time supply was halved, and the third year after a significant peak. Our graphic depicts Bitcoin marking time for a third year following the parabolic 2017 rally… Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year if it follows 2016’s trend.”
Others think that $20,000 comes this year due to fundamental trends.
TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some BATSend Tip now!