BTC and other cryptocurrency markets are starting to recover from their downfall, pulling up above the 7,500$ price mark, which led them to an all time low in the market. BTC began with the lowest price mark of $7,190, and then it lowered to 6,900$, a first for the world’s largest crypto-coin to ever see. Twenty four hours later, BTC went up to a 7,540$ price mark, and slowly making their way up to more than a five percent increase per day.
The Next Target of BTC is 8,100$: Can They Make it?
According to the CoinTelegraph, BTC can manage to tip the scales in their favour and climb the rungs of the cryptocurrency markets, from 7,540$ to 7,800$. However, their ultimate goal is reaching 8,100$ before the crypto-coin takes another hit from the volatile market.
There is speculation that BTC price will drop to five-thousand dollars, and\or that range, but it seems unlikely. “One would like to think that a drop to $5,500 will be avoided if bulls can keep the price above $7,300 and $6, 700,” a financial analyst from CoinTelegraph wrote.
What about Other CryptoCurrencies?
There are other cryptocurrencies that have been facing the heat, such as Ether and XRP. The leading AltCoin, Ether, has been harmonized with BTC, with the same wavelength of events. It bounced from a low of 143$ on a daily rate, to its current price of approximately 154$ for each coin. This is about a gain of 3.3% during high time, and an impressive change for cryptocurrencies.
According to another CoinTelegraph provider Rakesh Upadhyay stated that “if the bulls can propel Ether’s price above $151.83, the coin will pick up momentum and possibly see trading levels around the $173 price mark.”
XRP, the third leading crypto-coin, is also going with today’s flow and sits at the rate of 0.225$, which is a two percent increase. However, despite being the third largest crypto-coin, there are predictions that it might reach the price of zero by February 2020.
The uphill trend for cryptocurrencies has come as such a surprise, since the BTC predictions were that they would stay declined for a long time before they managed to recover. Many traders in cryptocurrency are still unsure and quit frightened about what may occur in the future, since cryptocurrency and its market have always been unpredictable and volatile.
Although most financial analysts predict that the next few months are a green-light to cryptocurrency, giving them the ability to get back in the game, once and for all.