Bitcoin Analysis for June 2019
Bitcoin is continually gaining momentum with financial and institutional investors. During June, the rate of traction jumped dramatically, leading one bitcoin to be worth $12,550. This comes after the prior high for Bitcoin at $12,000.00. Furthermore, the price growth is accomplished to the enhanced trading volumes occurring on all major exchanges worldwide. At the time of this article, the USD/BTC Paring stands at $12,550.00.
There have been numerous analysts to state already that Bitcoins price growth and increased trading volumes are the results of Project Libra. This would be a repeat of 2017 when the internet made Bitcoin go viral. However, the Libra coin and its excitement are starting to dwindle with countries like India banning the new cryptocurrency quickly. If popularity for Libra drops, then the potential for Bitcoins price to drop becomes significant.
The Technical Picture for Bitcoin
Looking at things through a technical standpoint, Bitcoin has had a continued rate of growth for eight days in a row. This is the most prolonged period of growth that hasn’t be interrupted since December 2019. If this succession can continue for another six days, that the next target valuation of $13k will be easily accomplished.
However, it should be remembered by investors and traders that this coin is typically overbought in these moments of growth. This always results in a downside correction but is ultimately corrected with upper boundaries. This is a sustainable move for Bitcoin that will allow for the valuation to most likely fall around the $11,200.00 range.