Bitcoin (BTC) Price Prediction For This Week
At the moment of writing this article, Bitcoin is trading in the green and the king coin is priced at $9,168.11.
Despite the fact that analysts were expecting to see a breakout in Bitcoin’s price especially after the halving event that took place back in May, the king coin has been only consolidating above $9,000 for a few months now.
The end of Bitcoin’s compression cycle
It’s been just revealed that analysts are predicting that the end of Bitcoin’s compression cycle will hit within a few days as the coin continues to trade above $9k.
Bitcoin (BTC)’s price began this week above $9,000 once again and Cointelegraph analyzes what’s in store for the digital asset for this week.
The online publication takes a look at the major factors that could impact the BTC price this week.
They note that Bitcoin had a quiet weekend and the volatility remained negligible – the online publication mentioned above also noted that there’s a narrow trading corridor that continues to describe the price performance,
It’s been also revealed that the coronavirus sentiment became a standard these days and the reactions to measures coming from government and central banks are still dictating the macro action.
Analysts claim that this week, we’ll witness the end of the compression cycle.
“This feels like a little World Cup of sorts. #bitcoin could break out on or about the 22nd,” Jason Williams, co-founder of crypto hedge fund Morgan Creek Digital, tweeted on Sunday, as reported by Cointelegraph.
This feels like a little World Cup of sorts. #bitcoin could break out on or about the 22nd.
I don’t think I would want to be on the sidelines going into this but low time pref 🧠
— Jason Williams 🦍 (@JWilliamsFstmed) July 19, 2020
Also, recently it was adjusted the $100k BTC price prediction.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.