Investors Expect Bitcoin (BTC) Momentum to Continue With $20k in Sight

On June 26th Wednesday the price of Bitcoin reaches $12,829 at around 05:10 UTC according to CryptoCompare. This price of BTC/USD is all time high (ATH) of 2019, also this price has not seen since January 2018.

At the press time, Bitcoin price is trading at $12,622 according to CryptoCompare with a market capitalization of $224.15 Billion. At press time BTC/USD is trading up 10.82% from the past 24 hours. BTC price is also up by almost 43% from the last 7 days.

The price of Bitcoin skyrockets almost 12.84% from $11,369 to $12,829 in just eight hours between 21:10 UTC on June 25 and 05:10 UTC on June 26. Bitcoin dominance is about 61.8% of the whole cryptocurrency market. The market capitalization of all the cryptocurrency market including Bitcoin and all Altcoins reaches $364 Billion.

Bitcoin ATH was $20,089.00 USD on December 17, 2017, it means that BTC is still down by about 38% from its all-time high. However, BTC year-to-date return on investment is 238% which is quite impressive.

Bitcoin (BTC) Momentum to Continue

If we look at the technical indicators it can be concluded that the price of Bitcoin will continue to skyrocket in the near term. Josh Rager, cryptocurrency technical analyst says that if the price of BTC crosses the $14,200 market then it will soon hit $20,000 USD.

According to him, ” Weekly chart looks so good People can talk pullback all they want, but not much is stopping Bitcoin from ripping up to $13k+ After price passes $14,200 there isn’t a lot standing in the way to new all-time highs I’m not going to try to stand in front of a moving train”.

However, Yingfeng Shao, an OTC cryptocurrency trader said in an interview that the current rally in the price of crypto assets is due to investors in the market and not by the new investors.

Bitcoin started to gain the momentum soon after Facebook officially launches its own cryptocurrency “Libra”, and its new digital wallet “Calibra”. Companies like Facebook entering the crypto space turns out as a catalyst for the recent price boom. Not only Facebook but its Libra project is also backed by many big tech giants like Visa, Mastercard, Uber, Vodafone Group and many more.