Mille Lees Mille Lees, Wednesday 10th July 2019, 8:37 AM GMT+0000
Cryptocurrency Market bitcoin analysts

Bitcoin Hits $13k Again

Bitcoin, it’s most famous for fluctuating in price regularly. After months of sustained growth, in June, Bitcoin saw a dramatic fall in valuation. Analysts were calling it the final killer and the death of Bitcoin. However, the coin is back in the fight and is targeting to hit a valuation of $13k far faster than anticipated. In the last week, BTC has been changing its assessment between $11,400.00 and $11,700.00. During Tuesday, July 9, 2019, the coin jumped suddenly by $500.00, indicating that a significant rise for the coin is about to come. Initial speculation suggests that the Bitcoin valuation will land around $12,000.00 by Friday.

The valuation of Bitcoin is changing so quickly that analysts are watching half-hour to hourly charts to determine where the appraisal will end. Many analysts are predicting that the quick rise in cost is merely an upward trend that will be brief. Traditionally, whenever Bitcoin has had a small surge in valuation, it’s quickly been corrected back to its previous value. However, the convergence of Libra could allow for Bitcoin to maintain a prolonged upward trend.

The Changes to BTC

It was only one month ago that Bitcoin had a significant downfall, dropping to a valuation of $7,600.00. Analysts at that time believe Bitcoin was doomed, but the cryptocurrency quickly overcame all hurdles and is jumping back to prior heights. However, the crash marked the demise of the first-ever four-month-long growing streak for Bitcoin. The highest valuation that BTC managed was $13,880.00. Now, it’s unknown if this peak will be reached again.

The moment that Bitcoin started jumping in its valuation again, analysts worldwide started to spoke about how a “Dead-Cat-Bounce” must be developed to guarantee that a significant drop in Bitcoin’s value doesn’t occur ever again. Many investors, from both the institutional and retail categories, have implored Bitcoin’s creators to enact this technology. In turn, it would guarantee that BTC would only jump in valuation and never see a 30% correction again.

Why is Bitcoin jumping dramatically?

Bitcoin’s sudden jump in life has had industry insiders searching for the smoking gun that’s caused for this latest round of growth. There are already theories that Bitcoin’s rise could be the result of their new hash rate, which was just implemented into the Bitcoin infrastructure and allows for clients to determine their mining/computing performance. Three days ago, the hash rate reached a new benchmark of 74.5 Million Tera Hashes in a second. This is a figure that jumped by more than 100% in a year.

Bitcoin Surpasses $8K

This isn’t the only theory that has been put out to the public; there are analysts that believe the record high could be the result of a coin-wide bull run. Most analysts agree that it’s the result of the hash rate, but Wall Street Trader believes otherwise. Mr Keiser and Alex Kruger from Wall Street both indicated that seeing the price grow is what thrives other crypto investors to jump on Bitcoin, that the hash rate has nothing to do with it. They both indicated through Twitter that investors trading at a higher frequency is what causes for the jump in popularity, valuation and overall growth.

What Comes Next?

Bitcoin is the largest cryptocurrency used worldwide, and it has millions of cynics globally. However, these cynics have stopped speaking out about the coin since it’s growth. Bitcoins biggest cynic, the “Gold Bugs”, continually implore investors to stop trading with cryptocurrency and instead trade with Metals. However, recent studies have indicated that metals trading has depleted dramatically, and crypto trading has increased tenfold. Most analysts would state that this is the result of Facebook’s upcoming Libra Coin, which has been the talk of the worldwide financial markets for two months. Bitcoin is expected to reach new heights of $12,500.00 in the coming months, that is if BTC isn’t breached again.

FXStreet Indicates Future BTC Growth

FXStreet, a cryptocurrency exchange, implores a Confluence Detector Tool. This tool allows them to predict the outcome of cryptocurrencies in the coming week accurately. The CDT Program indicates that growth for bitcoin is coming shortly.

The program suggested that the $12k barrier will be penetrated once again and that Bitcoin will inevitably power through to $14k again. This program has accurately depicted the future of BTC dozens of times, and with this prediction, many investors feel confident in increasing their Bitcoin trading volumes.

Just remember as an investor or retail trader, there will always be analysts claiming that cryptocurrency is corrupt. These analysts prefer the conventional finance markets that have dominated the world for decades and don’t want to accept change in any context. Ignore those analysts, Bitcoin isn’t going anywhere, and they are only growing.

Mille Lees

Author: Mille Lees

Millie has been with whichbroker.com since the start. She has a passion writing financial news after an internship at Bloomberg London. Millie's background in journalism and politics means she has an eye for a good story. Millie graduated from LSE and has a masters from Durham University England. Mille Lees can be contacted at [email protected],

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