Bitcoin is growing again – analysis course for June 6, and forecasts

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Bitcoin rose above the level of $7600, breaking the important resistance level of$7500. However, to get to the level of the$8000 first bitcoin need to overcome 2 obstacles.

At bitcoin every day there are more critics. Well-known investor and CEO of Kynikos Associates Jim Chanos called the digital asset “imagination and a product of global risk”. He said: “Bitcoin is a game of speculation, which is disguised as a technological breakthrough in the financial system. However, many famous people support bitcoin. In defense of asset was made by the Apple co-founder Steve Wozniak, who said that he believes that bitcoin will become the single world currency.

The technical picture

Bitcoin managed to escape from the descending channel and now he’s heading to the next resistance level is $7680. The break lines and sustainable move above will bring bitcoin to $8000, from which you can attack the next level – $9000. If bitcoin manages to hold, it is possible to repeat sales to $7000.

The 100-day moving average is above the 200-day – this indicates that the path of least resistance upward. Both lines act as dynamic support. RSI is immersed in the overbought zone, but the bulls still have the opportunity to bring bitcoin to the line $8000 before the next correction. Market capitalization of crypto-currencies is $130 billion.

Previously on this topic in the news:

01.06.2018: “Buy bitcoin now while it’s cheap” – the founder of Pantera Capital Management

Dan Morehead, founder of Pantera Capital Management believes that now is the time to buy cryptocurrency. In an interview with CNN, he said that the volatile nature of the digital asset only in the hands of investors, and now to participate in the rally are much cheaper.

“All cryptocurrencies are now very cheap. Prices have declined by about 65% compared with their highs. Now buy and participate in the rally much cheaper,” said Dan Morehead, founder of Pantera Capital Management in an interview with CNN.

Bitcoin, one of the most popular cryptocurrency peaked at $19 500 in December of last year, in February, it cost was less than $6000, today it is trading at $7500. Such volatility can make good money, especially as many experts are predicting a new rally and we are confident that bitcoin is the end of the year will cost a minimum of $20 000. In favor of investors could work and the fact that crypto-currencies are not yet regulated properly.

“Need to invest now so that in 3-5 months, when the background of the regulation of the rate goes up, to strengthen its position.” Morehead recommends buying cryptocurrency as soon as the rate falls below the 230-day moving average. This strategy worked well for the 5th time in 6 years.

Pantera Capital Management – a company founded in the US in 2013, is one of the leaders in the cryptocurrency sphere. In the assets of the company include 25 types of liquid digital assets, including XRP, Ethereum and Bitcoin.

News

21.05.2018: 5 factors that affect the price of bitcoin

The price of bitcoin has always had tremendous volatility. 2 months of 2017, the rate has increased by 223%, and just as easily fell by 60% in January-February 2018. What factors provoke the UPS and downs of the digital currency, and affect its value?

5 factors affecting the price of bitcoin:

  • Supply and demand. Like any currency, bitcoin is affected by supply and demand. Mining bitcoins is similar to gold mining. Gold supplies are limited: to bring it to market, people need to get it. Also with hashing: the more people want to get bitcoin (and at the moment produced 17 million coins) – the higher its price.
  • Media. Fiat currency is less influenced by newsthan cryptocurrency. Positive news contributes to higher prices, the negative can derail the course. Stores that accept cryptocurrency as payment, companies that adopt the bitcoin system known investors who believe in digital assets – such news is going to benefit and enhance the credibility of virtual money. For example, the operator BitPay recently announced that it will be possible to pay taxes in Bitcoin.
  • The policy changes. Bitcoin is not controlled by the government and financial institutions – that’s why people paid attention to it. However, an official ban of the use of cryptocurrency (Pakistan, Kazakhstan, China, India and other countries) contribute to the depreciation.
  • State regulation. Decision regulating the use of digital currency can cause major fluctuations. For example, when Japan has recognized bitcoin as legal tender, the price of the asset began to grow rapidly. While the official means of payment bitcoin recognized a few, mostly the government equates it to the property.
  • Change the rules of the system. We will focus on hardforce – branches from the already existing cryptocurrency. There is a new currency, with similar characteristics, but working by different rules. Typically, the hard forks , the demand for bitcoin increases.
  • Experts believe that due to the fact that a reduced amount of bitcoins will continue to grow demand for them. Many predict that by the end of 2018, the first cryptocurrency would cost $20 000.

    News

    17.04.2018: Bitcoin will cost a minimum of $20 000 by 2019 – TOP 10 expert opinions

    Despite the precarious position of bitcoin in the first quarter of 2018, experts continue to give optimistic forecasts. Financial experts and traders think that by December there is a mass change, and the price of Bitcoin will rise sharply.

    TOP 10 predictions experts:

  • Pantera Capital. The General Director of investment company Dan Morehead said that “rarely experienced such confidence in the timing, and believes that by the end of 2018, the bitcoin will cost $20 000“.
  • Fundstrat Global Advisors Tom Lee. Famous co-founder of Fundstrat and financial analyst reiterated his forecast and believes that a bear market loosens his grip. Lee estimates that by 2019 the world’s first cryptocurrency comes to the level of $25 000, and by 2022, its price will be over $100 000.
  • Max Keiser. The owner of Russia Today optimistic towards bitcoin. He wrote: “$28 000 is only $8000 more than the record high of last year, it’s real”.
  • Alistair Milne, an entrepreneur and investor. After analyzing the predictions, the investor thinks bitcoin will be worth $35 000. Its price will rise until the end of 2019, because in 2020 the remuneration to miners will again be reduced by 50%.
  • Anthony Ambriano. Analyst at Full Tilt believes that by December 2018 bitcoin in 2,5 times will exceed last year’s record and has a chance to reach the mark of$50 000.
  • John Pfeffer. London-based investor in January presented a report with analysis of possible scenarios of the price of bitcoin. He claims that $75 000 is quite a realistic forecast for 2018.
  • Kay Van-Petersen. Analyst at Saxo Bank stated that bitcoin will still continue to grow. Despite the current downtrend, bitcoin will tend to the mark of$100,000.
  • Tim Draper. Predicts $250 000 by 2022.
  • Brian Kelly. Shares the view of Tim Draper and believes that in 4 years bitcoin will be able to make a giant leap.
  • John McAfee. The most optimistic investor. He believes that in 2020 bitcoin will reach $1 million.
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