{"id":56124,"date":"2019-09-03T23:49:51","date_gmt":"2019-09-03T21:49:51","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=56124"},"modified":"2019-09-03T23:53:54","modified_gmt":"2019-09-03T21:53:54","slug":"analysts-bitcoin-price-gains-10700","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/analysts-bitcoin-price-gains-10700\/","title":{"rendered":"Analysts Eye Further Bitcoin Price Gains As BTC Tops $10,700"},"content":{"rendered":"\n

Bitcoin Surges Off Fundamental Catalysts<\/strong><\/h2>\n\n\n\n

Bitcoin is surging higher yet again. After yesterday’s jaw-dropping 7% gain, the bulls managed to keep up the pressure. As of the time of writing this article, BTC is trading for $10,700, having gained 3% in the past 24 hours. Altcoins, interestingly enough, have underperformed that market leader, with a majority of cryptocurrencies posting gains of under 1.5% or even negative 1-2%. <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

While there are some claiming that the upward trend for BTC is getting exhausted, Bloomberg reports that Bitcoin’s “narrowing trading range [is] suggesting a push higher”. Per the article<\/a>, a close above $10,714, which is currently where the 50-day moving average lies, could lead to more gains. Mike McGlone of Bloomberg stated that the fundamentals are supportive of a further trend higher. <\/p>\n\n\n\n

Just recently, VanEck Securities Corp. and SolidX Management LLC, two pro-crypto firms that are behind a leading Bitcoin <\/a>exchange-traded fund (ETF) application, revealed that they were going to be proactive, launching a workaround product. VanEck believes that this new product, which will only be offered to institutions that meet a certain set of requirements, may catalyze capital inflows into Bitcoin. Indeed, Grayscale’s Bitcoin Trust, which is very similar to this new investment vehicle, manages over 1% of all BTC in circulation.<\/p>\n\n\n\n

Also, as McGlone also mentions, Argentina has just instituted capital controls<\/a> on its citizens to “halt a slump in foreign-currency reserves and the peso may also be behind the moves”, which analysts say will spark Bitcoin demand. <\/p>\n\n\n\n

Bloomberg isn’t the only outfit currently expecting for Bitcoin to continue to surge higher. <\/p>\n\n\n\n

Technicals Supportive of Price Appreciation<\/strong><\/h2>\n\n\n\n

As reported by Ethereum World News previously<\/a>, Bravado\u2019s Bitcoin Jack recently stated that if BTC manages to close a daily candle above $10,463 (which is likely to happen in two hours), he believes that $11,000 to $11,500 will follow. <\/p>\n\n\n\n

He pointed out in a chart that a move to the $11,000s would invalidate a trendline that BTC has failed to break past three times, and would also allow the cryptocurrency to fill a CME gap. <\/p>\n\n\n\n

And Adam Tache, an analyst at Murad Mahmudov\u2019s cryptocurrency fund, Adaptive Capital<\/a>, touched on how the similarities between now and late-2018\/early-2019 imply a move to the $11,000s.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/Adam_Tache\/status\/1168648170940903434\n<\/div><\/figure>\n\n\n\n

He pointed out that should history repeat, meaning Bitcoin\u2019s historical price action playing out on this smaller time frame, BTC will hit $11,500 in the coming week. This fractal, which is a bump and run reversal (BARR) bottom pattern, implies around 10% upside from the current price of $10,400.<\/p>\n\n\n\n

Photo by Jackson David<\/a> on Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin Surges Off Fundamental Catalysts Bitcoin is surging higher yet again. After yesterday’s jaw-dropping 7% gain, the bulls managed to keep up the pressure. As of the time of writing this article, BTC is trading for $10,700, having gained 3% in the past 24 hours. Altcoins, interestingly enough, have underperformed that market leader, with a majority of cryptocurrencies posting gains of under 1.5% or even negative 1-2%. While there are some claiming that the upward trend for BTC is getting […]<\/p>\n","protected":false},"author":32,"featured_media":56130,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800,947],"tags":[6971,442,83,7192],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/56124"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=56124"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/56124\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/56130"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=56124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=56124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=56124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}