Market Review: Bitcoin Price on Tenterhooks Around $10,000
- By Pierre-Alexandre
September 17th, 2019
Bitcoin’s overall price movement remains flat through last week showing some mild $400 range-bound volatility.
The last week between September 9-16 has been pretty flat with respect to Bitcoin price movements.
If we look at the Bitcoin charts, the world’s largest cryptocurrency has shown $400 volatility with $10,024 as the weekly low and $10,425 as the weekly high.
At press time, Bitcoin is trading at a price of $10,270 levels with a market cap of $184 billion. However, the world’s largest cryptocurrency dominance in the overall cryptocurrency has slightly dropped from 70% (Sept 13th) to 68.1% today.
Top Recent Bitcoin News
- While the Bitcoin technicals don’t look so promising at this stage, the currency fundamentals continue to get stronger with time. The Bitcoin mining activity is at its peak with the hashrate making record-highs.
In the last three months, nearly 600,000 powerful mining machines have gone online. As per the CoinDesk report, Bitcoin price surge since April 2019 has been the major reason for the growth in the mining activity.
Besides, there’s a considerable surge in Bitcoin mining in Russia’s Eastern Siberia region having abundant and cheap hydroelectric power. - Crypto fund executive Travis Kling thinks that Bitcoin has a unique hedge value against the existing uncertain macroeconomic climate. During a recent interview with CNN, Kling noted that Bitcoin proves to be an exceptional insurance policy against fiscal and monetary irresponsibilities shown by the governments and central banks.
“Now is an incredibly interesting time from a global macro perspective and [...] it appears that crypto has been created for such a time as this. With what we have in terms of monetary and fiscal policies from central banks and governments, big tech overreach, government overreach, data privacy issues that are coming to the center of the collective consciousness” he said.
- Venture Capitalist Tim Draper remains ultra bullish on Bitcoin’s future saying that $250,000 Bitcoin price by 2022 is a very conservative target. Even at that price Bitcoin is expected to have 5% of the currency market share but Draper thinks to be less.
Bitcoin to hit $250,000 by 2022? @TimDraper thinks that is a conservative prediction.
— BLOCKTV (@BLOCKTVnews) September 13, 2019
"$250,000 means that bitcoin would then have about a 5% market share of the currency world and I think that may be understating the power of bitcoin."
Full interview: https://t.co/WbSaI04X9Y pic.twitter.com/n8OclGQxQl
Bitcoin Market Review Using Omenics Sentscore
The Sentcore chart pattern oscillates in accordance with the Bitcoin price movement. However, it shows that the overall sentiment around Bitcoin remains “positive” throughout the week.
The news indicator shows a drop from the “very positive” region to the “positive” region. Towards the end of the week, the news indicator shows an upward movement.
The social indicator chart shows movement with respect to the Bitcoin price fluctuations but remains in the “neutral” zone.
However, the buzz chart shows a sharp fall by the end of the week in the “not trending” zone under 2.5.
The technical chart has moved from the “bullish” zone to now into the “neutral” zone:
By Pierre-Alexandre
Pierre-Alexandre is passionate about new technologies and innovation. After several years of experience in software and innovation agencies, he wanted to go all in on the blockchain revolution and co-founded Omenics.
