Can Bitcoin break above the USD 11400 resistance zone?...Bull market is dramatically different
Bitcoin recovered the USD 11K level, showing a sign to break above the USD 11,500 level once again. But, bitcoin bulls are struggling to increase the price due to the USD 11,400 resistance zone. But, with the rise of interest in bitcoin among institutional traders, the optimistic view on the cryptocurrency is growing.
"Some people don't think Bitcoin can reach USD 100K. At the 2016 halving, we were at USD 650. A year after, it reached USD 2K, and then it touched USD 19K just a few months later. Bitcoin price is rapidly and aggressively rising. It's a conservative estimate that Bitcoin will reach USD 100K," argued Samson Mow, the Chief Strategy Officer of Blockstream.
"Today, there’s exponentially more capital, human capital, infrastructure, and high-quality projects than in 2017. Not to mention the very real specter of inflation that all fiat regimes face going forward. Bitcoin’s next bull run will be different because the situation in the crypto industry is different," highlighted Cameron Winklevoss, the founder of Gemini and the synonymous with Bitcoin champion.
Michael Novogratz, the Chief Executive Officer(CEO) of Galaxy Digital, known as the former hedge fund billionaire-turned crypto investor, anticipated that BTC price would record USD 14K within the next 3 months, and reaching USD 20K by the end of 2020, due to the global liquidity pump and an influx of retail investors. And, in June, Mike McGlone, the senior market analyst, also anticipated that Bitcoin price would reach USD 20K.
Skew, the crypto data analysis firm, tweeted that 68K BTC position will be expired on July 31st, meaning that investors have to be cautious about investing in Bitcoin.
The Department of Commerce announced that the US second-quarter GDP plunged by worst-ever 32.9%.
The global gold price decreased for the first time in recent 10 trading sessions. In the New York Mercantile Exchange, gold was traded at USD 1,942.30 per ounce, decreased 0.6%.