According to sources, Bitcoin could reach $ 7,800 and even $ 8,100 before the coin encounters significant overhead resistance. It was pointed out that Bitcoin had to close above earlier support to resist $ 7,400 so Bitcoin could bring its price closer to $ 7,800 in resistance.
Hughes added that it is unlikely that the Bitcoin price will drop back to $ 5,000, but that it is always good to consider bullish and bearish scenarios. “One would think a $ 5,500 decline will be avoided if bulls can hold the price above $ 7,300 and $ 6,700,” he wrote.
Commodity trader and technician Peter Brandt had previously expressed his belief that BTC could trade at $5,500 for months before recovering.
In the meantime, Ether (ETH) continues to be in synch with BTC. The top Altcoin rebounded from its daily low of $ 43 before rising to its current trading price of around $154 per coin. Ether reported moderate growth of around 3.3% at the time of printing.
XRP, the third largest market capitalization coin, is also following today’s trend and currently stands at $ 0.225, which equates to a daily gain of more than 2%. The coin, however, looks weak and a trader even goes as far as predicting that the coin could be zero by February 2020.
These stats go on to show how this is a positive time for crypto market. In the light of these positivities, let’s talk about one of the best crypto based logistics and shipping project. BitNautic uses blockchain to provide excellent cargo service for its users. It offers its cryptocurrency BTNT to be used as a payment method for these services. You have the option to choose your carrier based on their ratings from different users to get a better service. Moreover, you can track your cargo while it is on the move making the shipping service more secure than ever.