Bitcoin (BTC) is up 1.9% in the past 24 hours and is up 0.1% since midnight. The current price at the time of writing is $23,880 on crypto exchange KuCoin and €23,420 on the Dutch exchange bitvavo. Trading volume increased 81.6% in the past 24 hours. The total market cap of bitcoin at the time of writing is $457 billion and bitcoin dominance stands at 40.5%.
Bitcoin news from yesterday
Bitcoin from 2019 versus now
Recently, Jackis, a full-time trader and cryptocurrency analyst, shared an analysis where he saw comparisons between the current bitcoin price and that of 2019. This was the time when bitcoin had fallen sharply from its all time high from the end of 2017. The BTC price then corrected all the way to $3,500, and that was also the bottom.
#Bitcoin 2019 bottom vs #Bitcoin 2022 bottom 👀✍️ pic.twitter.com/QiusXSS5Ah
— JACKIS (@i_am_jackis) August 5, 2022
Looking at the chart above, we see the comparison between the 2019 price (top) and today’s price (bottom). In the picture we see that the price trend is almost identical. If the price follows this pattern exactly, then bitcoin has already reached its bottom and there is a significant increase on the horizon. This rise could potentially take bitcoin towards $40,000 and beyond.
Premium crypto analysis of the day: AVAX
At the moment, analysts in the Discord Community of Crypto Insiders form a nice selling zone for avalanche (AVAX). Below we see a WXY pattern forming that will bring the price down a bit before they shoot up. This increase could potentially push AVAX towards USD 35. The full analysis with all associated price levels can be read in the Premium environment.
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