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- In the last 24 hours, the Bitcoin price has mainly moved sideways and remains in the $9000 to $9100 price range.
- While Bitcoin continues to have difficulty significantly breaking out of its current declining triangle formation, analysts are bearish.
- Dan Held, Krakens Head of Business describes that the Bitcoin price can reach one million dollars in the “final phase”.
Since the smaller dump of 03.06.2020 a new resistance level is building up for Bitcoin along the 9200 USD mark. Within the last 24 hours, Bitcoin has moved below this level and has not seen any breakouts either up or down. The Bitcoin price continues to range between $9000 and $9100. In the last 24 hours, Bitcoin has fallen by 1.1% (at the time of writing) to a price of $9,089.53. The market capitalization is 167 billion USD.
Trader Teddy Cleps is bearish and warns not to overvalue smaller price movements as bullish signals. Cleps says:
Another day, another daily end just under resistance. Lesson: Don’t get euphoric when you get a 15 meter candle, but the bigger trend is still bearish.
Another day, another daily close below resistance.
— Teddy (@TeddyCleps) July 3, 2020
“Big Chonis Trading explains that he does not expect the Bitcoin price to move very much in the coming days. However, he does indicate that he is bearish for the near future and refers to the last time a red week candle closed below a previous red week candle. This is an allusion to the price crash in March 2020.
$BTC – (CME Futures) – the last 4hr candle yesterday closed within a $40 range . I would not expect #bitcoin to move too far from this range until Futures open Sunday night… unless another gap to fill. pic.twitter.com/59fLOOMXE3
— Big Chonis Trading😷 (@BigChonis) July 3, 2020
Well-known trader Scott Melker is optimistic and points to a breakout from the descending triangle in which Bitcoin has been trading for the past several days. He writes about this on Twitter (freely translated):
The train seems ready to leave the station. […] Breakthrough of the descending resistance and re-testing as support with increased volume. Bullish SFPs, lows are overcome. This looks good.
The train looks ready to leave the station. Another newsletter special. Breaking descending resistance and retesting as support on increased volume. Bullish SFPs, range lows swept. Lots to like here. pic.twitter.com/d5wCrTTVyc
— The Wolf Of All Streets (@scottmelker) July 3, 2020
Dan Held sees Bitcoin price at $1,000,000
In an interview with Cointelegraph, Kraken-Head of Business reported on his first experience with Bitcoin. Held talks about the difficulties and uncertainty that prevailed in the crypto space when he himself started buying and holding Bitcoin in 2012. Since 2012 until today, the market has matured further and the adoption has increased significantly.
Held foresees a market capitalization for Bitcoin between 5 and 100 trillion USD in the long term. According to Held, Bitcoin will reach this level in its “final phase”, in which Bitcoin’s volatility will drop sharply according to Held’s forecast. Held is very bullish in the long term and believes that Bitcoin could face a historic bull run due to the current global economic situation. Held states that Bitcoin was created precisely for the purpose of being a stabilizing factor in times of economic crisis and dares to predict that Bitcoin could reach a price of $1,000,000.
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