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- Famous Crypto analyst, Joseph Young believes that this week is going to be interesting as several factors may affect the price of Bitcoin.
- The 20% increase in the average block time means that Bitcoin is trying to restore its network while trying to cope up with the inefficient miners.
- Other than difficulty adjustment, the 10000 USD restrictions, bitcoin is supposedly
at risk of the triple top dating back in October of 2019.
According to some Crypto analyst, this week is going to be very interesting when it comes to Bitcoin. The experts also suggest that we might see a great dive in the price of Bitcoin. It may very well jump under the 9000 US Dollars mark.
Anticipation Of Bitcoin Price By Crypto Experts
Famous Blockchain and crypto expert, Joseph Young believes that this week is going to be interesting as several factors may affect the price of Bitcoin. On the other hand, the CEO of Blockware Mining, Matt D’Souza, as well as the founder of BuffetsBooks.com, Preston Pysh, thinks that the price of Bitcoin may jump down the 9000 level mark because of the major issues in difficulty adjustment. Nonetheless, they have one piece of advice in common. This will be a crucial time for people to invest in Bitcoin.
Young has enumerated several reasons that would favor the steep fall of Bitcoin’s price. One of them is difficulty adjustment. After the recent third Halving of Bitcoin, it has experienced its first difficulty adjustment. Post Halving, the difficulty was somewhat reduced from 16.1 trillion to 15.4 trillion, which was good news for the miners who have barely survived the market. The block time had declined from 560 seconds of average block time for the 1000 blocks when it further declined to 680 seconds per 1000 blocks after the Halving. The 20% increase in the average block time means that Bitcoin is trying to restore its network while trying to cope up with the inefficient miners. However, the upcoming difficulty adjustment of 16.25% anticipated being the biggest since 2018.
The Trends Ahead
Other factors include the 10000 USD resistance. Historical resistance is price points. They have acted as support and resistance in the past. In the case of Bitcoin (BTC), it has been 10000 US Dollars resistance throughout 2018, 2019, and seems like this year too.
This week should be very interesting for Bitcoin.
– Biggest mining difficulty adjustment since Jan 2018
– Rejection at a multi-year resistance at $10,500
– At risk of triple top dating back to Oct 2019
– But strong buying demand at $8,900Bears seem to have more going for them
— Joseph Young (@iamjosephyoung) June 15, 2020
In a recent tweet by @iamjosephyoung, Other than difficulty adjustment, the 10000 USD restrictions, bitcoin is supposedly at risk of the triple top dating back in the October of 2019. The triple top is that situation when the price jumps down from the third top to the last bottom of the three peaks. Bitcoin faced such a condition in 2019.
Between bitcoin being below $9,500 and the difficulty adjustment margins will remain thin. Bitcoin has sold off with the equity futures the past few hours. We will see a lot of pressure over the coming weeks
— Matt D'Souza, CPA (@mjdsouza2) June 15, 2020
In a recent tweet shared by Matt D’Souza, He expressed views saying that the BTC market will face pressure in the coming weeks. He thinks that the price could be as low as 9500 USD and predicts that the range would be somewhat between 7600 USD and 9000 USD.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
