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Bitcoin [BTC] Price Analysis: Bitcoin Bulls Slowing Down, Renown Investor Slams BTC’s “Safe Haven” Status

Latest Bitcoin (BTC) News

China, in reaction to US trade tariffs are intervening, weakening their currency. The result is rapid inflation and a guaranteed depreciation of the value of paper currency. Responding to this, reports have it that Chinese investors are flooding to Bitcoin via Russia.

While the reaction of price has been immediate, it goes to reveal how important Bitcoin-and cryptocurrencies, are becoming as a store of value.

Immune to local politics, cutting edge and coin emissions pegged on mathematics, analysts argue that the world’s most valuable asset is now acting as a reliable safe haven just like Gold and an array of other trusted assets as the Yen and the Swiss Franc.

However, despite what is evident, Kevin O’Leary, the Shark Tank star and a millionaire is now questioning Bitcoin role as a shield against geopolitical disturbance and safe haven. A known Bitcoin critic, he equates investing in digital assets as gambling.

In a rebuttal to Pompliano, a Bitcoin permabull and a partner at Morgan Creek Digital, he said:

In any one stock, never more than 5 percent, in any one sector, never more than 20 percent. I teach this stuff! You never go beyond concentrations of that nature! Fifty percent! Shame on you! That’s nuts!

BTC/USD Price Analysis

Bitcoin Price

Presently, BTC is steady, adding an impressive 14 percent from last week’s close. Although prices are now trading below the $12,000 mark as bulls appear feeble, there is room for more upsides in days ahead. There is evidence supporting this assertion.

First, not only are prices in a firm uptrend, solid above immediate support at $11,200 but what is important is that the break and close above support confirming bulls of Q1 and Q2 2019 was at the back of above average trading volumes.

As a result, risk-off traders can now buy the dips, above $11,200, while aiming at $14,000. Aside from the break out, note that prices are banding along the upper BB and despite yesterday’s bar, prices are consolidating in smaller time frames meaning there is an opportunity to fine-tune entries with targets as aforementioned now that the short-to-medium term trend has been defined. Moving on, it is imperative that bulls confirm buyers of Aug 5.

If that is the case and prices breach the main resistance trend line connecting June and July highs propelled by high participation exceeding 25k, then prices would most likely float to $14,000 or June 2019 peaks.

Chart courtesy of Trading View—Coinbase

Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk. Do your research.

Dalmas Ngetich
Dalmas Ngetich
Dalmas is a very active cryptocurrency content creator and a highly regarded technical analyst. He has worked in various media as an analyst. He is passionate about blockchain technology, the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through writing about his knowledge and analysis of coin price charts.
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