- After a short consolidation phase along the $11,000 mark, Bitcoin has risen to $11,670 at the time of writing.
- Analysts forecast a further increase to $14,000 if BTC can again rise above $12,000 in the next days.
Bitcoin was able to attract new buyers after a brief consolidation phase along the $11,000 mark and at the time of writing rose to $11,670. The Bitcoin price has risen by 2.93 % within the last 24 hours. The market capitalization has increased from $208 billion to $214 billion.
Many analysts see a good chance in the current developments that Bitcoin will soon break through the $ 12,000 mark again and chase the next resistance level of $13,800. Blockroot’s founder Josh Rager says that Bitcoin could break through the $12,000 mark again in the next 24 hours.
The last candle closing on the daily chart can be tracked shortly below the last local high. This is a bullish premise for a further bullish trend in the coming days. The last good opportunity to buy Bitcoin cheaply was when BTC briefly fell to $10,500 or stabilized along the $11,000 mark.
Daily close right under previous high
I think Bitcoin can break above $12k the next 24 hrs
The opportunity to buy in at the dip, sub $11k, was short lived which typically is a bullish sign pic.twitter.com/x51mcGIdZ0
— Josh Rager 📈 (@Josh_Rager) August 6, 2020
Many prominent heavyweights of the tech industry, such as the multiple billionaire Mike Novogratz, describe Bitcoin as the new digital gold. The experienced technical analyst “Byzantine General” agrees with this view. In his opinion, Bitcoin will soon reach a new all-time high and thus follow the successful price development of gold.
Remember in January this year when I started saying that #GOLD would make a new all time high?
That's how I feel about #Bitcoin right now.
There is literally no doubt in my mind that we're making a new ATH.
— Byzantine General (@ByzGeneral) August 5, 2020
The experienced Bitcoin trader “Il Capo Of Crypto” states on Twitter that Bitcoin will move in a narrow price range between $11,500 and $11,700 in the next hours and days before a correction to the support zone of $10,500 will follow. This support must last, otherwise Bitcoin could easily fall to $9,000. In his opinion, there are good trading options in the Altcoin market as long as Bitcoin trades above the $10,500 mark.
11500-11700, then down to test the 10400-10500 support zone, which should hold for a while.
Looking for longs above that level and shorts below it.
— il Capo Of Crypto (@CryptoCapo_) August 5, 2020
“The Wolf Of All Streets” jokes on Twitter that thousands of people spent several Bitcoins for one gram of grass a few years ago and still doubt BTC today, even though Bitcoin today has risen to $12,000 . Bitcoin still has no intrinsic value, is the most common answer. He summarizes:
That’s why we are all going to be rich and they are all going to be mad.
The trader “Jonny Moe” also shares his bullish mood with the community and states that he has a similar good feeling as before the rally in 2019. Back then, Bitcoin rose in June from just under $7,500 to $13,000 in less than 30 days, almost doubling its price.
— Jonny Moe (@JonnyMoeTrades) August 5, 2020
Altcoinmarkt follows Bitcoin
The Altcoin market currently appears to follow Bitcoin, with Ethereum, XRP and Cardano also showing increasing volatility. The biggest winner among the top 30 largest cryptocurrencies by market capitalization is Zcash, with a plus of 12.54% to a price of $95.92 within the last 24 hours.
Many investors are turning their attention to newcomers to the DeFi market, which has been making big profits in the last few days. ETH founder Vitalik Buterin warns, however, that expectations are too high, as the price trends there are often not sustainable.