Over the past few weeks, Bitcoin has been rolling down with the entire crypto market trading below $300 billion. After falling from $13700 area in late June, the price of BTC is still managing to hold trading above psychological support of $9000 since the bears took over the market.
However, some crypto analysts have believed that the crypto market is likely to resume the next bullish phase in no time. Bitcoin, in particular, has been the majorly predicted to double its current all-time-high before the year runs out.
As revealed by Skew earlier today, a London-base Reinventing Capital Market, Bitmex – a Seychelles exchange-based cryptocurrency derivatives trading platform, has recorded an open interest of $1 billion after a 4th attempt this summer. The breakdown of the trading statistics shows a Min at $526 million; Max at $1.126 billion and an average of $806 million, cumulatively at a current $1.042 billion, which was mentioned above.
In actual sense, the crypto market seems to be loading up for a surge as the market witnessed another parabolic phase. This time, a resurge in volatility might cause Bitcoin to print a fresh all-time-high, and by then, the 2017 ATH may hold as critical technical support for Bitcoin.
On the other hand, the above statistics can also be an indication for a bearish move if the volume is trooping in for sell-off. With that, supply for BTC might become heavier as this may cause the holding psychological level of $9000 to break violently. Bitcoin’s price may fall back to the April 2 surge level at around $6200 – $6400 area. As such, entire crypto space may paint an ugly scenario as price lay off in the bears’ dominance. This may as well result in the death of the altcoins as they might drop seriously to creating a new low.
Considering the upcoming Bakkt Launch for Bitcoin which is much around the corner, the crypto ecosystem will take a new shape in terms of awareness and interest, bringing cryptocurrency and blockchain technology to the world at large. More so, the values of some altcoins are more likely to drive up significantly if Bitcoin shows strength for a bullish run.
In our opinion, Bitcoin is more likely to continue the fourth parabolic phase with the chance of surpassing the 2017 ATH if the $9000 can hold as a critical technical support level. But if the price goes the other way round, Bitcoin is likely to remain bearish for the rest of the year.