Bitcoin has in the last few hours indicated features of price uptrend, after lingering above $9,500 support level for quite sometime. BTC has so far gained about $500 in the last 24 hours, raising the hope of price consolidation. However, a popular analyst has recently pointed that the present Bitcoin price uptrend could end in another nosedive, citing lacking in volume as a reason.
Bitcoin has recently been the best performer in the market after a long stagnancy within a range of prices. BTC’s longer than expected stay actually raised uncertainty regarding its price trend. Some notable short-term forecasters deterred themselves from their usual habit during this period.
Howbeit, it was generally believed that such long stay could end in significant price uptrend or downtrend. This made major analysts keep their usually popular opinions to themselves.
Actually, many cryptocurrency investors and traders still expect more price deficits for Bitcoin in order to give room for possible accumulation. With the look of things, such might not come to play again considering the past growth trend of BTC.
In the middle of the scenario, John McAfee, 2020 United States Presidential candidate reassured that Bitcoin’s price will swing upside this week, claiming that US government has no control over the digital currency.
The trend of the growth of BTC started proving McAfee’s prediction right after the significant price upsurge few hours ago. The largest cryptocurrency embarked on its usual parabolic movement from relatively $9,800 to retesting above $10,000 resistance in a not quite long interval.
At the time of filing this report, Bitcoin is trading at $10,496.89, with about 5.4% price increase in the last 24 hours. Where some crypto pundits claim consolidation for BTC, some are of the opinion that the digital currency would still lose its footing in the course of its present uptrend.
Analyst Believes that Lacking in Volume of Bitcoin in this Uptrend Would End in Price Nosedive
The analyst is known to be Credible Crypto on Twitter. As the Bitcoin’s price goes higher, speculation of consistent growth onward started flowing in the air.
However, the analyst sees the increase as mere bubble that would eventually experience plummet as usual. He hanged his claim on BTC’s lacking in volume.
Read his statement below:
“This move up on BTC is severely lacking in volume, making me believe it is corrective (aka deadcat) before another leg to the downside. Loaded up on spot but still holding a nice chunk of fiat in case we get another leg down.”
This move up on $BTC is severely lacking in volume, making me believe it is corrective (aka deadcat) before another leg to the downside. Loaded up on spot but still holding a nice chunk of fiat in case we get another leg down. pic.twitter.com/JGDgPwCVPG
— Credible Crypto (@CredibleCrypto) August 2, 2019
Bitcoin is still managing to maintain $10,500 support level. Other top digital currencies are also trying to recover their respective deficits, but have obviously failed to matchup with the present BTC’s price upward trend.