The First Bitcoin (BTC) Buy Zone Is Reportedly Approaching
A lot of crypto experts have been making all kinds of predictions regarding the most important coin in the market.
It’s been said that BTC will race towards $350k and there’s even a trend which is circulating in the crypto space, claiming similar price targets for BTC.
On the other hand, some believe that we are getting closer to the very first BTC buy zone.
At the moment of writing this article, BTC is trading in the red on CMC and the coin is priced at $9,526.80.
BTC is heading towards the first buy zone
As BTC’s volatility has been picking up, technical and fundamental analyst Alex Kruger said that BTC is probably heading towards the first buy zone.
“The range is now breaking down. 8500-8600 is the next logical stop and first major buying area. Chart favors downside yet the upside is IMO considerably larger. Keep the big picture in mind.”
Analyst Josh Rager seems to agree on this and he mapped out a chart showing the next level of support at $8,975.
“The ‘potential’ lower-high looks to be playing out with a price below $9,690 Eyeing price to make its way to sub $9k at the weekly support level to form a lower-low. Just trying to be fluid, not overly bearish as 4-digit BTC is still a gift.”
The range is now breaking down. 8500-8600 is the next logical stop and first major buying area. Chart favors downside yet the upside is IMO considerably larger. Keep the big picture in mind. https://t.co/Uir7Xo9tLE
— Alex Krüger (@krugermacro) July 27, 2019
Reasons behind the 2019 BTC rally
CEO of crypto investment bank Galaxy Digital says that Facebook, Telegram and the global uncertainty are behind BTC’s big 2019 rally.
During an interview with Bloomberg TV, Novogratz says Facebook’s Libra is a game-changer for Bitcoin and will ultimately bring new users into the world of cryptocurrency.
The bullish predictions on Bitcoin’s price continue even though the coin has suffered a strong correction recently and more experts are saying that BTC could reach its all-time high by the end of this year.
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.