Return bitcoin to their former positions? – analysis of the course may 30 and forecasts
Looks like the bulls returned to the market as the negative forecasts of analysts did not materialize. The price of bitcoin rebounded from the level of $7020 and the first cryptocurrency began to recover lost ground. The day bitcoin rose by almost 6%!
For the first time in 2 weeks the bitcoin exchange rate went up. Support $7000 resisted, and digital cryptocurrency began to grow again. While the currency pair BTC/USD is trading in a descending channel, and can penetrate only in the presence of continued investment and good news. The indicators give an ambiguous result: the MACD indicates a further drop, because the 100-day moving average is below the 200-day. If the sale will resume the 100-day line will act as support ($7200).
The RSI is approaching the overbought zone, but the bulls have a great head start. According to forecasts, the bitcoin can go up to $8000where they will meet serious resistance. If he is unable to break this line, it will return to the bottom of the channel to around $7000. The indicator is the Ichimoku indicator also indicates the presence of the bearish trend, bitcoin is trading below the cloud. Capitalization of bitcoin on the market is $128 billion.
Previously on this topic in the news:
28.05.2018: “Buy bitcoin, sell altcoins!” – investor from wall street
Venture capitalist Spencer Bogart said in an interview with CNBC that bitcoin will remain a strong asset, despite the recent fall in prices. By the end of 2018, the cost of the first cryptocurrencies will rise above $10,000.
Bogart is a partner of large VC firm Future Capital. He is the first analyst on wall street who seriously researched bitcoin and blockchain technology. In his interview with Spencer Bogart said:
“Bitcoin is already 3 weeks down in price, but long term Outlook remains unregistered. The institutionalization of bitcoin needed. Every major Bank is trying to do something in the cryptocurrency sphere. Now there is a stable bear market, and for the first time no one predicted “the end of bitcoin“.
Altcoins will not survive the competition
Bogart also said that the cost of many of the altcoins are overpriced and in the long term, they can face significant resistance. The analyst said sell assets such as IOTA, TRON, Cardano, NEO, but will hold Ripple, Bitcoin, Cash, Ethereum, EOS. The expert says: “In the long run Ethereum have a good prognosis. The future of cryptocurrency will be closely connected with the development of ICO, but now its price is affected by hyped tokens created on the platform.”
The expert added that the instability of Fiat currency and the national currency crisis contribute to expanding the use of bitcoin. Spencer Bogart made his prediction that by the end of the year bitcoin will be worth at least $10 000. More optimistic experts believe that the price will reach $20 000.
24.05.2018: Tom Lee: “3 reasons bitcoin will rise to $25 000”
Tom Lee Lindstroma prediction on which bitcoin rally after the conference, the Consensus did not materialize, continues to insist that by the end of the year the value of cryptocurrency will rise to $25 000. The forecast analyst with wall street underpins the three factors.
3 reasons supporting the growth of bitcoin:
The current situation on the market analyst and investor explains “typical cryptocurrency volatility” and is confident that bitcoin will beat your record from last year.
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:
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.