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Market Analyst: Bitcoin To Break This Year's High

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August 5, 2019 | 

651 Views | 

Darryn Pollock | 

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Bitcoin has once again started tearing away after having an accelerating week, last week. Over the weekend the biggest cryptocurrency by market cap smashed through the $11,000 market and currently sits at $11,700.

There are a number of factors pushing Bitcoin to grow at a good pace currently. These range from geo-political issues in the US, as well as monetary policy funds in both Europeand the US. This is leading many to seek alternative investment options, and this is at a time where Bitcoin scarcity is being felt. 

It is for these reasons that Chief Market Analyst, Naeem Aslam of Think Markets has predicted that Bitcoin will soon break its 2019 high point of $14,000. He is not only taking into consideration the external factors, but has looked at the technical data on the charts. 

Up 200 percent YTD

This year, 2019 has quickly become the cryptocurrency spring following a harsh winter through most of 2018. However, as with every spring, people are wondering when summer will come into full bloom.

The spring has seen Bitcoin’s price rise 200 percent year to date, and in the more recent moves it is up an additional 11 percent in the last 24 hours alone. The price movement over the weekend is the culmination of good gains through the past seven days where the price of the coin went from $9,400 to $10,600 before escalating almost $1,000 overnight.

“The crypto king, Bitcoin is up over 11 percent today, it has soared over 200 percent year to date- outpacing all the top 3 coins by a huge margin. Bitcoin is the trade of the week and given the massive uncertainty and risk off attitude, I think it is highly likely that Bitcoin could easily top this year’s high of $14,000. The bitcoin price had several battles with the 50-day moving average during the past few weeks, but finally the bulls have conquered this battle field,” Aslam explained in a note to his investors.

“There is no doubt in mind that the price is going to break this year’s high.”

Reasons for the moves

Aslam also goes on to state some of the reasons for the recent price movements, citing the general market sentiment which is low in the US currently due to brash moves from president Donald Trump.

“Bulls need to thank Donald Trump for this current move because this is completely driven due the geopolitical tensions. Donald Trump introduced new tariffs on China last week and we talked about the retaliation action by Beijing. China has unleashed its nuclear weapon on the U.S. This retaliation has come in the form of China introducing the most fearful factor for the markets which is called the currency war,” Aslam added. 

“The Chinese Yuan crossed the level of $7 for the first time and this is only because China clearly wants to devalue its currency. Donald Trump will have no choice but to actually retaliate against this action. Afterall it is an ego issue for him. This means that he is going to do everything in his power to not let Beijing to win this war.” 

“Simply put, the escalation in the currency war means that the Fed will have to adopt ultra-dovish monetary policy, odds for another interest rate cut have jumped,  and the only direction for the dollar index is to the downside. We all know what does this mean for Bitcoin: it is going to explode and continue to move higher.“ 

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