Famous analyst Joseph Young mentioned the factors that will affect the price of Bitcoin (BTC) this week. According to Young, this week will be an interesting week for the leading cryptocurrency.
This week should be very interesting for Bitcoin.
– Biggest mining difficulty adjustment since Jan 2018
– Rejection at a multi-year resistance at $10,500
– At risk of triple top dating back to Oct 2019
– But strong buying demand at $8,900
Bears seem to have more going for them
— Joseph Young (@iamjosephyoung) June 15, 2020
Young says there will be some factors that will drive BTC down this week. Young’s counted factors are as follows:
The biggest mining challenge setting since January 2018
Eating a rejection at the resistance level of $ 10,500 in multi-year resistance
Strong buying demand and a bearish signal at $ 8 thousand level
Risks at the Summit
Draws Attention to Difficulty Level
According to the famous name, there will be important events for bears this week. Young especially points out the Bitcoin difficulty adjustment. Experts say that the difficulty setting will increase by 16.25 percent in one day. This will be the biggest burning event since January 2018.
Preston Pysh, another important name in the cryptocurrency world, states that Bitcoin price will fall below the $ 9,000 level due to the increasing difficulty of Bitcoin mining.