Bitcoin price analysis:  BTC bulls hold their breath; Jimmy Wales from Wikipedia says crypto is in a bubble

  • Bitcoin managed to get back inside the triangle.
  • Wikipedia co-founder says that crypto world is in a bubble territory.

Bitcoin has been rangebound during Asian hours and early in Europe. The digital currency No. 1 is up 4.7% in recent 24 hours with current market cap settled at $127.7B.  BTC/USD touched $7,557 in Asia before retracing to $7,483. 

Crypto assets are in a bubble territory, with some crypto enthusiasts starting to admit this fact, Thus Jimmy Wales, Wikipedia co-founder, echoed skepticism about an over-hyped industry with mushrooming scam projects. 

“...Right now, we are in a bubble, the crypto world is absolutely, definitely in a bubble. I don’t think there are many people who would deny that.”

“The thing about bubbles is that you never know when they’re going to end… it might pop tomorrow, but more importantly, it will pop,” he added. 

Technically, BTC/USD has returned inside a triangular formation with the lower line currently at $7,400. While this development is regarded as a bullish sign, we still need to see follow through with a sustainable movement above $7,500. Once this level is cleared, the recovery may extend towards the first aim at $7,683 (23.6% Fibo) followed by $8,000. On the downside, fresh buying interest around $7,400 provides support for the coin, but if it is broken, the sell-off may be extended towards $7,000.

BTC/USD, the hourly chart

BTC/USD, the hourly chart

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