Bitcoin (BTC) To Reach $116,000 By End Of 2018


Bitcoin (BTC) is following 2013 like a carbon copy. The price will likely consolidate for the next few weeks just like it did in 2013 before a big rally. Technical analysis on a relatively small time frame is often rendered false by algorithms and bots that have mastered the game over the years. This is why many traders believe that technical analysis simply does not work on smaller time frames anymore. It used to work 15 years from now but today it does not work. However, long term trends are still an accurate indication of where the price might be headed in the times to come. In the case of Bitcoin (BTC), that long term trend spans over a period of 6 years which is good enough for us in a relatively nascent market like that of cryptocurrencies.



The common understanding about such long term trends as in the case of Bitcoin (BTC) is that these trends are supported by real life events. For instance, if Bitcoin (BTC) has reached its peak for a cycle, you can expect some FUD in the form of an exchange raid in South Korea or a country ban on Bitcoin (BTC) which leads to a continuity of the macro play. This is true not only of Bitcoin (BTC) but of other markets like forex and equities as well. It is often difficult to put a price target for a volatile asset like Bitcoin (BTC) in the near future but looking at the big picture, one can see what follows next.




Follow me on

Twitter: https://twitter.com/cryptoexpert20

Facebook: https://www.facebook.com/crypto.michael.18

Linkedin: https://www.linkedin.com/in/crypto-expert20

Comments

Post a Comment

Popular posts from this blog

SEC’s discussion with Bitcoin ETF issuers has moved into a key stage

Image
 The SEC is reportedly making significant progress in its discussions with several firms seeking to launch a spot Bitcoin ETF. Reuters reported that discussions have moved into key technical details, and applicants believe it’s potentially leading to the historic approval of the first Spot Bitcoin ETF in the U.S. Currently, there are 13 applications for Bitcoin ETFs awaiting review by the SEC. These applications come from prominent asset management companies, including BlackRock, Fidelity, Grayscale Investments, and ARK Investments.    Notably, in the past week, several of these firms have made crucial updates to their applications, hinting at the evolving nature of their proposals. Grayscale Investments CEO hints at optimistic scenario for spot Bitcoin ETF The digital asset market has been closely monitoring the situation, speculating on the impact that an approval of a Spot Bitcoin ETF would have. Such an approval would be a groundbreaking event, marking the first of it...
Read more

What’s Causing the Current Bitcoin Crash and How Low Can it Go

Image
 Bitcoin’s price has been very bullish over the last couple of months. However, it is finally showing subtle signs of correction today. Therefore, it is worth analyzing the charts for potential support levels. Technical Analysis Bitcoin Price Analysis: The Daily Chart  On the daily chart, the price has been blowing past resistance levels one by one. Yet, today’s action has been very bearish, as the daily candle looks very bearish.   The price has dropped around 10% today before rebounding from the $40K support level. In case this level holds, it could initiate a rebound, and the market might rally toward the next significant resistance level, which is located at the $48K mark. On the other hand, a bearish breakout could result in a drop to the $38K and potentially the $31K zone.   BTC Price on The 4-Hour Chart The 4-hour chart demonstrates today’s decline much more clearly. The price has created a double top pattern around the $44,500 mark and proceeded to plunge to...
Read more

BlackRock's Bitcoin ETF Now Invites Participation From Wall Street Banks

Image
 A change to the structure of proposed spot bitcoin ETFs would enable authorized participants (APs) to create new shares in the fund with cash, rather than only with cryptocurrency, essentially opening the door to banks who cannot hold crypto directly. A change to the mechanics of BlackRock's proposed spot bitcoin (BTC) ETF opens the door for Wall Street banks, which face restrictions holding cryptocurrencies, to play a key role. BlackRock recently made it so authorized participants – a vital part of the ETF ecosystem – will be able to create new fund shares with cash, rather than only with cryptocurrency.   As highly regulated U.S. banks are unable to hold bitcoin themselves, this set-up would enable the likes of JPMorgan or Goldman Sachs – firms with some of the largest balance sheets in the world – to act as APs to BlackRock's ETF. (Whether they want to is another matter.) The cash APs use in this process can then be exchanged into bitcoin by an intermediary and warehoused ...
Read more