The growth of bitcoin – just another correction? – analysis of rate for may 31, and forecasts
At the time the bulls managed to take control of digital market, over the past day the first cryptocurrency was able to perform a pullback in the $7500, but many experts believe this growth is a correction, and the sale of the asset can be renewed.
Bearish trend is not yet defeated, buyers in the market behave not active enoughto cause a steady increase in rate. After analyzing the graphs, we can say that bitcoin tried to break out of the descending channel, but could not break through the resistance line of $7600.
Experts say that in addition to the projected adjustment to the exchange rate of bitcoin is influence and negative comments. For example, Nobel laureate in Economics Robert Shiller predicted that in the next 100 years bitcoin will disappear. CEO Ripple brad Garlinghouse said that soon the impact of bitcoin for other cryptocurrencies will end.
The technical picture
While all indicators point to the downward movement: bitcoin is trading below the Ichimoku cloud. MACD also tells about the superiority of the bears: the 100-day mA is below the 200-day, and the path of least resistance for cryptocurrency – down. RSI indicates oversold, so the bulls have the advantage. If bitcoin will not stay at $7500, he again came back to $7000, re-testing the support line. If cryptocurrency continues to rise, we should expect a rally to $8000 and above.
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.