Since early September, the bitcoin price has increased gradually from $6150 to $6500, while nearly reached to $6800 resistance level twice but could not exceed.
In past 30 days, Bitcoin has faced four dips in its price and each consecutive dip in the price sustaining its position at higher region than its previous drop, as shown in the figure below with blue dashes.
On the 9th of September, the price of bitcoin dropped to about $6,200, during the first fall in the price of bitcoin in September. On 16th of September, a week after the first drop, the price of BTC dropped to around $6,270, which is higher than its previous drop $6,200.
26th of September, 10 days after the second dip, the price of bitcoin dropped to around $6,386, an increase of $116 than its second dip of 16th September. The latest drop of BTC was around $6,455, slightly higher than the third dip of 26th September. Currently, the price of bitcoin standing at around $6,600 after touching the peak point $6,800 on 28th September 2018.
IS BITCOIN GOING THROUGH GRADUAL RECOVERY
Bitcoin has maintained its position at around $6500 while dropped to around $6000 at one point and inching towards $6800 at another. So its most likely that it will gradually increase with the same pace throughout the month of October also.
Due to the decline in the volume of BTC, there are fewer chances of its rapid increase in price from $6000 to $8000 in short-term like earlier this year.
But, if bitcoin maintains its momentum and strengthen itself as it did throughout the month of September, there are chances that it may exceed its resistance level of $6800 and move towards $7000 mark.
Although, after the several regulatory developments and advancements happened in South Korea, US, and Japan, several market analysts very much expected bitcoin to cross major resistance levels of $8000 and $9000.
Famous Japanese market analyst, Masayuki Tashiro recently said:
“Personally I am bullish, and by the time the outline of the regulations will come together in October, those investors who will feel safer will come back. I hope things won’t get as overheated as last year, but I believe BTC can win back the value of 1 million yen (9,020$) in range.”
GRADUAL INCREASE MORE LIKELY THAN RAPID GROWTH
The whole crypto market including bitcoin has dropped 70 to 80 percent of their valuation since the start of 2018. And, the market has started showing the clear signs of the bottom with the low range of $200 billion, so a gradual increase would be better for the BTC in its long run.