Bitcoin Weekly Market Report: Despite recent correction, analysts bullish on Bitcoin crossing $25,000 by end of 2019
- By Pierre-Alexandre
June 10th, 2019
After weeks of a sustained uptrend, Bitcoin finally lost the steam to continue its northward journey following a massive sell order from Bitcoin whale.
- Overview of Bitcoin price movements in the last week
- Top Recent News
- Bitcoin Market Report Using Omenics’ Sentscore Indicators
1. Overview of Bitcoin price movements in the last week
June 2019’s first week (June 3-9) turned out to be a major breaker in Bitcoin continuous price rally since the beginning of April 2019. After several weeks of price surge, Bitcoin ultimately lost the steam to carry further its northward momentum.
Soon after the start of the last week, Bitcoin saw a massive price crash dropping more than 10% from over $8500 levels to below $7700 levels. Since then Bitcoin has trying to make minor upswings but couldn’t sustain above $8000 levels.
Earlier reports suggested that the Bitcoin price crash below $8000 levels was triggered with a Bitcoin whale selling 25,000 BTC tokens worth $215 million in a single order. This was enough to create a panic like situation triggering further sell-off across exchange creating downward pressure on the price of Bitcoin.
Since then, Bitcoin has been trying to make a recovery but bulls haven’t been much successful to keep its price above $8000. At the press time, Bitcoin is trading at a price of $7964 with a market cap of $141 billion.
2. Top Recent News
- As stated above, last week Bitcoin price crash was reportedly due to a Bitcoin whale selling massive amounts of Bitcoin triggering the BTC price downfall.
- Lawmakers in India proposed for an insane bill which would not only make the ownership of Bitcoin as illegal but also would introduce a 10-year jail for anyone caught holding Bitcoin or cryptocurrencies.
- On Wednesday, June 5, a report from The Independent quotes analyst Oliver Issac saying that the Bitcoin (BTC) price will reach $25000 by the end of 2019. Isaac cites several drivers - technological, geopolitical, and technology - as the reason behind this price surge. He also notes that Bitcoin would act as a potential hedge to the ongoing U.S.-China trade war.
- Co-founder of Fundstrat Global Advisors, Thomas Lee, stated that if Bitcoin crosses $10000 levels, it will soon shoot north all the way to $40000. Lee believes that once Bitcoin moves past $10000, it will trigger the FOMO (Fear-of-Missing-Out) showing a massive influx of investors and thus a sharp rise in the Bitcoin price levels.
- Bitcoin’s layer-two scalability solution - the Lightning Network - has recently sparked concern among the crypto community after its capacity dropped by over 13%. This further raises questions on the ability of the Bitcoin network to scale quickly looking to the investors demand.
- Citing historical price trends, experts from the crypto industry expect Bitcoin price to rise northwards over its current all-time high of $20000 as we approach the Bitcoin halving event expected to happen in mid-2020.
3. Bitcoin Market Report Using Omenics’ Sentscore Indicators
The Omenics’ Sentscore graph shows that there is a significant drop in the market sentiment with the Bitcoin price crash. As we can see from the below graph, the Sentscore chart moves with the BTC price movement but manages to stay just above 6 in the “positive” region.
The news sentiment indicator has also dropped from the “positive” region and now is in the “neutral” region between 4-6.
The social sentiment indicator exhibits huge volatility in the “neutral” region between 4-6:
The buzz around Bitcoin has been dropping significantly and has moved in the “negative” region below 4:
The technical chart indicator also shows a sharp downturn moving from the “positive” region down into the “neutral” zone.