Bitcoin is currently range-bound. The following Bitcoin price prediction looks at what could happen next from the perspective of technical analysis.
July 26, 2019 | AtoZ Markets – Bitcoin and the altcoins are currently range-bound. Since dropping to a new July low last week, they have gone almost nowhere. Bitcoin pushed from $9,100 last week to $11,000 and ran out of gas. It then dropped to $9,500 after spending almost a day oscillating around the $10,000 mark. The market sure needs a trigger to determine its next direction – whether to continue the bearish correction or resume the bullish trend.
Bitcoin does have lower bearish targets level to act as support if it drops further. $8,500 and $7,200 have been suggested in previous updates. Ideally, the current correction ending at $9,100 will perhaps be too shallow. That’s not a big reason anyways as Bitcoin is known for shallow corrections especially when in a strong bullish trend. The current dip is the biggest so far this year and the ultimate bearish correction that we have so much expected after such a fantastic move in the first half of the year. The Bitcoin bulls are still upbeat about the full recovery of the premier digital asset.