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By CCN: Over the past three days, since May 31, the bitcoin price has risen from $ 8,000 to $ 8,800, which is a strong sign of recovery after a 9.5% increase and propelled the rest of the cryptography market on the rise.
On major exchanges of regulated cryptographic badets such as Bitstamp, the price of bitcoin fell to $ 8,000 last Friday, raising fears of a potential decline of less than $ 7,000.
The price of bitcoin has recovered by almost 10% in the last three days, after a vigorous recovery (source: coinmarketcap.com)
The dominant cryptographic badet has posted an immediate payback greater than $ 8,200, a level of support that many technical badysts have pointed out as crucial to the short-term sustainability of bitcoin.
Traders are more comfortable with Bitcoin after the fall of May 31
Peter Brandt, bestselling author and noted technical badyst, said that after the unexpected 12% drop in bitcoins on May 31, he had become more comfortable with the trend of this badet because it makes proof of stability.
$ BTC seems to stabilize after the 12% break on Thursday. I am ready to dive your feet in the water. pic.twitter.com/wjoPKfY34c
– Peter Brandt (@PeterLBrandt) May 31, 2019
At the time of the decline, technical badysts such as Bollinger Bollinger inventor John Bollinger said that while bitcoin can still save valuable time, it is possible that bitcoin will drop. 50% retracement.
"This is a major inflection point for cryptocurrencies. Clearly defined higher education is in place almost everywhere. If we can overcome that and go higher, I see another important benefit, if we break a 50% retracement is the first logical target. It's time to be careful, "he m said.
Nevertheless, in the medium term, considering that the price of bitcoin is up 135% against the US dollar, some investors expect a decline, because it exceeds key resistance levels.
Bitcoin has evolved in a healthy trend over the last few weeks, with regular withdrawals of 10 to 20%, complemented by significant upward movements.
While the valuation of the cryptography market has steadily increased in recent weeks, several setbacks have been recorded (source: coinmarketcap.com)
The Galaxy-based investor and billionaire CEO, Mike Novogratz, said that when the bitcoin exceeds $ 10,000, he expects the badets to consolidate between 7,000 and 10,000 dollars.
"In the future, Bitcoin will probably consolidate between $ 7,000 and $ 10,000. You know, trees do not grow to the sky. If I'm wrong about it, I think I'm wrong too: there is enough enthusiasm and momentum to make it happen, "he told Bloomberg.
Novogratz pointed out that he might be mistaken about a possible withdrawal, which would mean that the momentum of bitcoin outweighs strong resistance at a protracted rally.
Why industry leaders are generally optimistic
Echoing the sentiment of Erik Voorhees, CEO of ShapeShift, Novogratz said that the perception of bitcoin by the public and by the investor base in general has changed dramatically in recent years.
Initially, investors were skeptical about the survivability and sustainability of the Bitcoin momentum in the long run.
After ten years of operation, virtually uninterrupted, with an active community of open source developers, a robust mining sector and millions of users, Novogratz said investors were increasingly confident in the future of cryptography .
"We went from crypto to experience, is it real? Is it tulips? Cryptography will be a substantial part of the world's financial and consumer infrastructure, "he said.
Voorhees similarly opposed the argument of critics comparing the trend of bitcoin to that of tulips in the 1600s, saying that after its initial implosion, the tulip bubble had trouble demonstrating its durability.
"The tulips never resurfaced to hit new ATHs. Bitcoin does it every two years. Anyone who equates the two must explain this discrepancy, "he said. m said.
Click here for a real-time bitcoin price chart.
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