Forex and Crypto News

By the end of August, the price of Bitcoin may reach $17,000

13:47 05 August /2019

Bitcoin began to grow rapidly after a weekly fall to $9,500. Although many analysts believe that the recovery will not last long, the analyst Joe McCann predicts that this rally will push the price well above the current highs of 2019. According to him, by the end of August, the price of Bitcoin can reach $17,000.

On August 2, he published a daily chart of Bitcoin price, on which he pointed to the popular MACD indicator, which reached a bullish intersection, which indicates a strong growth potential. McCann draws attention to the fact that after the last two such intersections, the price of Bitcoin increased by 52% and 61%. If, from the moment of crossing, the price of Bitcoin will show an increase of 60% again, then by the end of August we can see a price of $17,000.

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Other analysts note a growing interest in Bitcoin, caused by the upcoming launch of the Bakkt cryptocurrency platform, which expects to attract institutional investors to the market. According to Fundstrat analyst Tom Lee, the recent US Federal Reserve rate cut may also have contributed to the rise in the price of the main cryptocurrency.

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Last week, crypto trader Timothy Peterson said that August has always set the rate of growth (or decline) of the market before the end of the year. If this pattern repeats, then Bitcoin will be able to achieve much higher during this and 2020, when there will be a reduction in mining rewards.

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