Market Outlook

Bitcoin Price is More Likely to Hit New Highs

Bitcoin Price is More Likely to Hit New Highs

This is that season of the year when everyone is predicting the Bitcoin prices. It all just started after the co-founder of Nexo Mr. Antoni Tenchev made a case that included a price of $50,000 Bitcoin in 2020.

On the contrary of this incident, the Bitpay Chief Commercial Officer Sonny Singh has predicted and has stated that the crypto asset is likely to meet new opportunities this year. On this note, Singh has also shared that according to the predictions the value of Bitcoin might get close to $15,000.

Elon Musk teases Bitcoin on Twitter. Says, “Bitcoin is not my safe word”

On the other side, the famous CEO and founder of Tesla and SpaceX, Elon Musk teased the Bitcoin community by saying, “Bitcoin is not my safe word” on Twitter. This is not the first time the CEO has posted this kind of tweet.

Musk is also infamous for generating headlines by posting memes and serious news about both of his companies. Previously Elon Musk has also discussed the second most valuable cryptocurrency that is Ethereum on his twitter account.

In his previous tweet upon being asked about his favorite cryptocurrency, Musk tweeted “Ethereum”. Later he also tweeted “jk”, following the previous tweet

Bitcoin suffers a downfall in the market. Fails to meet Resistance against USD

In other news, the Bitcoin price has fallen to some extent as the cryptocurrency failed to meet the $8,500 resistance against the US Dollar. This incident made the BTC approach for crucial support near $7,750 and $7,600.

Right now Bitcoin is trading in a particular buy zone at $7.600-$7,750 against the USD. If the Bitcoin community sustains the $7,600 then the cryptocurrency is more likely to gain control of the share market.

A short term declining channel has been accused of the downfall of the cryptocurrency price at the global market. And on the hour chart of the BTC/USD pair, it was stated that this has formed the resistance of nearly $7,880 support and $7,930.

Meghan Alexandra Administrator
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Meghan Alexandra Administrator
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