There is no doubting that the Bitcoin price has been commanding things in crypto markets recently. Even with its current correction of 25%, BTC is still on a roll this year. The king of crypto has done so well that Binance’s Chief Strategy Office thinks it will surge all the way up to $100k.
Bitcoin Price Drops Back To Four Figures
The correction has gathered momentum this week and BTC price made two dips to $9,950 a few hours ago according to Tradingview.com. It is now well below both the 50 and 200 moving averages on the hourly chart and heading towards the 50 on the day chart.
From its high to current prices Bitcoin price has now corrected 25% and looks to drop further. Lower highs and lower lows have confirmed the downtrend in the shorter term and traders will be looking at support levels around those moving averages to start re-accumulating.
The long term picture is still very bullish however and one industry executive thinks $100k Bitcoin price is not too far away. Binance Strategy Officer, Gin Chao, talking to BlockTV said:
“If you look at historical patterns you are probably looking at new highs at least for bitcoin in the $50,000-100,000 range.”
#WEEKINREVIEW: “If you look at historical patterns you are probably looking at new highs at least for bitcoin in the $50,000-100,000 range.” – Gin Chao, @Binance Strategy Officer. Check out the full interview at: https://t.co/9EOuzS6ktu pic.twitter.com/lvnU0GntaE
— BLOCKTV (@BLOCKTVnews) June 30, 2019
His comments on altcoins are interesting and looking at 2019 performance it would be hard to disagree with him. The majority of altcoins have done very little since their bear market lows in December 2018. A lot of the higher cap coins including XRP, Bitcoin Cash, Cardano, Stellar and Tron are still over 80% down from their all-time highs. Some are even over 90% down still.
Chao added that we are now entering the fourth market cycle for Bitcoin and in previous ones, there was a distinct correlation between the altcoins and BTC. This has not been the case in 2019 when altcoins have been stagnant while Bitcoin has surged.
Last month a number of altcoins including XRP, BCH, EOS, Stellar and IOTA actually dumped a fair amount while crypto market capitalization in general increased by 27%. As BTC cools altcoins are freezing over again, many have dumped double digits over the past couple of days as the correction deepens.
Total market capitalization has shrunk by $80 billion since late last week however bitcoin’s share of that remains over 60%. Chao could be on to something as the calls for altseason have so far gone unheard as many of them are still in the depths of their own crypto winters.
Will Bitcoin price rally to $100,000? Add your thoughts in the comments below.
Images courtesy of Shutterstock, BLOCKTV