- Bitcoin has corrected itself from the losses with a rise in its price. Now the price of Bitcoin is trading above the mark of $9,500.
The value of the coin at the time of writing is standing at $9,607.17 USD and the leading cryptocurrency is showing an upward trend.
Warning of Crypto Analyst
A crypto analyst, Josh Ragar has warned investors and traders of cryptocurrency that there is a chance that the price of Bitcoin may go down to the mark of $8k. He says that if the price rally of the breaks down then it is going to be $8.7k.
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He points out that from the figure of $8.7k, it may further come down to $8k. He has been focusing on the daily chart of bitcoin and from his analysis, he says that the price of Bitcoin should break above the figure of $10,000 if it wants to get back on the bullish trend.
As he says in the tweet:
Currently holding above the previous low on the daily close but if price breaks down it’s going to $8,7ks
After that, it heads towards $8k but everyone is watching it so either it bounces before or goes through
Needs to break back above $10,100 to get bullish pic.twitter.com/vWmbDhgekM
— Josh Rager 📈 (@Josh_Rager) August 30, 2019
What does affect the Bitcoin Price?
Traders and investors have the authority to buy or sell assets. The crypto analyst and expert analyze the price chart of the digital currencies and make their predictions about the prices. The crypto traders and investors follow this analyzed chart. This is an important factor that affects the value and price of bitcoin.
Production Rate of Bitcoin
If we look at the production rate of bitcoin then we see that the coin is at a low extent in the quantity and time production. The total amount of bitcoin is around $21 million and the production rate is also decreasing. We can also predict easily that when will the newly created bitcoin available. This can also influence the price of the coin.
In the crypto world, the psychology of investors and traders is different because some want the price of Bitcoin on a bullish trend while some want downtrend but it seems that everyone focuses on the price change of the coin.
The bulls and the bears are the two sides through which the price of the coin can be handled. But there is still not any pure explanation of the fact that why the price goes down and up.
The coin touched the figure of $10,000 and a few hours later it came down low at $9350.
Max Keiser who is the founder of Virtual Currency and Prediction Markets says that at the expense of altcoins the bitcoin market may get access to 85%.
As the crypto analyst has warned the crypto traders that the value of the coin may go down to $8k, so keeping in view this warning, the investors and traders will have to be cautious while trading in the market.