Bitcoin won’t rise above $14 000 – analysis for June 14, and forecasts

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The currency pair BTC / USD is trading at $6400-6500, recovering from a new low of $6154, which is a bitcoin dropped on Wednesday. Amid rising trading volume of the cryptocurrency rose 3%.

Experts previously predicted that bitcoin will reach $32 000 by the end of the year. But because of the fall of the cryptocurrency market , the number of optimists was on the wane. Now Business Insider UK analysts believe that by the end of 2018, the digital asset will be overcome only by the mark of $14 000. In the preparation of the June report involved 10 cryptanalysts. They expect that by 1 July 2018 first cryptocurrency will return to position $8487and by 31 December will increase to $14 638. Were analyzed 13 of the cryptocurrency, according to him, the forecasts are not too encouraging: a significant increase, more than 200% is projected only for the EOS, if there is a running platform, others are unlikely to reach even last year’s highs.

The technical picture

On the short term stock chart clearly shows that the recovery of bitcoin is limited to $6500. If bitcoin manages to break this level, it will reach $6572 (100-day moving average), and then to $6700. As support is the 50-day moving average at $6300. RSI indicates oversold, but the bulls have taken a wait and not rush to buy assets. Ichimoku indicator continues to point to a downtrend , bitcoin is trading below the cloud. The market capitalization of bitcoin has dropped to $111 billion.

Previously on this topic in the news:

13.06.2018: 3 reasons for the recovery of bitcoin prices

Hacking crypto currency exchange and pressure from the financial institutions has negatively affected the course of bitcoin. However, experts believe that bitcoin will recover, and there are 3 reasons.

The TOP 3 factors that will contribute to the recovery of prices:

  • Protection from hacker attacks. The news about the hacking of the largest exchange can negatively impact the entire cryptocurrency market. But what doesn’t kill bitcoin makes it stronger. Repeated break-ins and hacker attacks will lead to the fact that bitcoin and other digital currencies will be improved. Christian ferry, President BlockStar, said: “As with any technology for cryptocurrency break will be painful, but it will be an important factor in strengthening the cryptosystem, which will make her more secure. This is key for mass adoption of the digital asset”.
  • Investment giants. Major financial institutions are already investing significant funds and hire professionals to research trading opportunities of bitcoin. NASDAQ has announced the launch of the futures market of cryptocurrencies. Already this month under the control of NASDAQ will be running platform-exchanger DX.Exchange. Company Goldman Sachs last month, has offered its customers future contracts bitcoin. ICE, the parent company of the new York stock exchange (NYSE) is developing its own trading platform that will allow investors from wall street to trade cryptocurrencies.
  • Cheaper transactions. From the point of view of technology, bitcoin has made significant progress in solving the basic problems of network scalability. Technology SegWit, Lightning Network and Multi-Path Lightning Payments reduce the fees for transactions and provide better throughput. We should also mention the launch of Bitcoin Core 0.16.0 activated Protocol SegWit. Currently, about 40% of the bitcoin transactions are processed using SegWit.
  • The cryptocurrency, which is more than 300 times predicted the collapse and death, a very interesting future. Experts believe that the history of bitcoin is not yet completed, and should expect new highs.

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    13.06.2018: Will bitcoin grow? – analysis course for 13 June and forecasts

    After a sharp fall in the direction of the course and remains uncertain. The currency pair BTC / USD is trading in a channel $6500-6600 and not in a hurry to recover position. The first cryptocurrency has reached the lowest level since the end of March.

    While news that would have accelerated the growth of bitcoin, no. On the contrary, the U.S. wants to tighten the regulation of digital tocinoV. SEC Chairman Jay Clayton at the conference in Washington has said it wants to establish control over all tokens. “These assets should not be exempted from financial regulation. Moreover, they must carefully examine,” added Clayton. Given the confusion in the regulation of cryptocurrencies, it is unlikely the news is good.

    The technical picture

    The daily chart shows that attempts to restore bitcoin is limited by the resistance of$6700 and $6740 (50 and 100-day moving average, respectively). If the digital asset will be able to break through these lines, we can talk about the increase to $7000. A break below the support level of $6500 can lead to a long fall. RSI indicates a clear oversold, but the bulls to become more active in no hurry. Moreover, bitcoin chart Ichimoku trading below the trend line again and is under pressure from the “death cross” for sale. If not increase the volume of buying bitcoin, the bears will target levels of $6000 and $5800 (at least February).

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    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.

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