After starting the last 24 hours at around USD 11,400 Bitcoin proceeded to rise to as high as USD 11,735 at peak North American trading time, before falling to as low as USD 11,063 in Asian markets, to finally recover to back where it started.
It is now at USD 11,384 at 13:55 pm UTC (CoinDesk), but the good news to take away for the bulls will be that not once in the past 24 hours has price slid below USD 11,000 so this, if it holds for a few more days, will prove to be a solid support for the week ahead.
The hashrate of #Bitcoin has just hit another new all time high with 74.5 eh/s. It is now 8X more secure than it was two years ago when we hit ATH in price. pic.twitter.com/mRpFEDNi1W
— A v B (@ArminVanBitcoin) July 7, 2019
Fundamentals also continue to gain in strength, with hashpower consolidating along with the price to a new high at around 74.5 exahash per second — Bitcoin is now eight times more secure today than it was a year and a half ago when it was priced at almost USD 20,000.
While most analysts will now be on the same page, predicting a slow but steady upturn for Bitcoin fortunes before a true parabolic growth. Meanwhile, some believe that if whales are up to their usual patterns, then we should now prepare for a strong upwards move to take place soon, before a strong and unexpected drop.
Here's what I suspect will happen with $BTC short term. Clearly, price action at every step is important, so I'd be looking at very strong move up first then a sudden pause, and unexpected strong dump. That would be the signature of big players doing their thing. #crypto #bitcoin pic.twitter.com/i9Hr43c3An
— Crypt_Oculto (@Crypt_Oculto) July 4, 2019
Other more optimistic views exist of course, including this one particular crypto trader who believes that a stock to flow model demonstrates how Bitcoin should grow to a price of more than USD 5 million by 2028.
Stock to flow model indicates price of more than USD 5Mil per BTC by 2028. #bitcoin #btchttps://t.co/1BtzpVBThY pic.twitter.com/M4GDzt7i7E
— digitalik.net (@digitalikNet) July 7, 2019
Of course, all bets are off as soon as Bitcoin does decide to move significantly, and it often does. But the signs of consolidation and gathering strength are the only indicators that will matter before Monday arrives and the trading picks up across all markets.
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