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#Bitcoin Price Analysis

Bitcoin Price Analysis BTC/USD Bearish Pattern may Proceed, 12 July.

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Bitcoin Price Key Points

  • Bitcoin price declined further and broke a key help at USD 6,300 against the US Dollar.
  • There was a break underneath a contracting triangle with support at $6,310 on the hourly diagram of the BTC/USD match (information feed from Kraken).
  • The combine is as of now under strain and it stays at a danger of more misfortunes beneath $6,200.

Bitcoin price dropped essentially underneath $6,300 against the US Dollar. BTC/USD is quickening misfortunes towards the following backings at $6,100 and $6,050.

Bitcoin Price Analysis

Bitcoin price began a fleeting rectification subsequent to exchanging toward the $6,280 level against the US Dollar. The BTC/USD match moved a couple of focuses higher and exchanged over the $6,300 and $6,350 levels. In any case, the upside move was topped by the 23.6% Fib retracement level of the last drop from the $6,720 high to $6,280 low. The price neglected to move past the $6,400 and declined strongly.

The ongoing decrease was to such an extent that the bitcoin price broke the $6,280 low. All the more critically, there was a break beneath a contracting triangle with help at $6,310 on the hourly diagram of the BTC/USD match. It opened the entryways for more decays and the bitcoin price cleared the $6,200 bolster. It is currently exchanging admirably beneath the $6,500 turn level and the 100 hourly basic moving normal. A low was shaped at $6,145 and the price is as of now merging. An underlying obstruction is close to the $6,280 level, which was a help before. Besides, the half Fib retracement level of the last slide from the $6,399 high to $6,145 low is likewise close $6,290 to go about as an obstruction.

Bitcoin Price BTC to USD Chart 12 July

Bitcoin Price BTC to USD Chart 12 July

Taking a gander at the diagram, bitcoin price is under a great deal of weight underneath $6,300. On the off chance that it keeps on moving down, a break underneath $6,180 could drive the price towards $6,100 and $6,050.

Taking a gander at the specialized pointers:

Hourly MACD – The MACD for BTC/USD is moving vigorously in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is moving lower towards the 20 level.

Real Support Level – $6,100

Real Resistance Level – $6,300

#Bitcoin

Can Bitcoin Hit $90,000 Within Five Years?

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Recently, two analysts from ICO advisory firm, Satis Group, predicted that bitcoin prices will hit $96,000 in the next five years.

Recently, two analysts from ICO advisory firm, Satis Group, predicted that bitcoin prices will hit $96,000 in the next five years.

In making this forecast, Sherwin Dowlat, head of research, and Michael Hodapp, research analyst, leveraged fundamental analysis.

“Currently, the vast majority of the total crypto asset market capitalization is held in traditional store of value markets, with offshore deposits accounting for nearly 40% of the total,” they stated in the report.

Going forward, growth in this market capitalization will come “primarily from the increased store of value use case penetration,” the analysts claimed.

Further, they predicted that as custody solutions “come online,” the “penetration” of offshore deposits will increase “dramatically.”

The analysts forecasted that the broader digital currency market would enjoy robust growth, reaching a total value of $3.6 trillion in 2028, roughly 1,700% higher than its current value of approximately $210 billion on CoinMarketCap.

 

Analysts’ Mixed Views

When surveyed, analysts offered mixed responses to the report’s prediction that bitcoin prices could reach $96,000 by 2023.

Some criticized the forecast as being overly bullish, while others emphasized the difficulty of accurately forecasting what a digital currency’s price will be five years from now.

“Bitcoin’s price can be anywhere in 5 years, from $10,000 to $100,000,” stated Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital.

“An exact prediction is hard to provide because there are numerous fundamentals that are likely to change between now and 2023.”

He added that:

“Digital currencies and assets are the future of transactions and value storage, and Bitcoin is leading this revolution. But this doesn’t make it easy to guarantee a specific price tag five years down the road.”

 

An ‘Ambitious’ Price Forecast 

Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet, stated that the $96,000 price prediction “may be a bit ambitious.”

“I don’t think we’ll hit $96,000 by 2023,” he stated.

 

Yazan Barghuthi, CEO of Jibrel Network, also threw cold water on the forecast, stating that:

“I do believe BTC has a compelling use-case as a store of value, particularly in countries experiencing hyperinflation (Iran, Turkey, Venezuela), but to assume it will capture sizable market share from Private Banks in markets such as the US, Switzerland, Singapore, Germany, Netherlands, etc. over the next 5 years, is extremely optimistic.”

 

Bitcoin Bullish Predictions ‘Entirely Possible’

While the aforementioned analysts appeared skeptical, some market observers went on the record stating that bitcoin could very well hit $96,000 by 2023.

Eric Ervin, CEO of Blockforce Capital, stated that “a $100,000 per coin valuation for bitcoin is entirely possible.”

“Bitcoin’s current 112 billion dollar market cap represents just 0.1% of the entire global money supply which is currently valued at approximately 90.4 trillion dollars,” he added.

Marius Rupsys, a digital currency investor, offered a similar take on the matter.

“To reach the price of $96,000 seems achievable given past bull markets,” he stated.

Rupsys added the following:

For example, bitcoin went from less than $1,000 per coin to more than $16,000 per coin in 2017 alone. Which is more than 16x increase in 1 year. Bitcoin is trading at $6,450 today, meaning it needs to increase 15 times in the next 5 years to reach $96,000. Assuming bitcoin survives this long and volatility keeps similar levels, it should be quite realistic to do it during the next bitcoin bull run.

 

Digital Assets ‘Here To Stay’

Oliver Isaacs, blockchain investor, advisor & influencer, also provided bullish input on the digital currency markets.

“Digital assets are here to stay,” he said.

Isaacs emphasized that while the market capitalization of cryptocurrencies is roughly $200 billion, “the demand for money is around $200 trillion.”

“If cryptocurrencies are truly solving the problems of paper and fiat currencies which I believe, we are going to see that 200 billion start to move up to 200 trillion and that gap close (that’s a 100,000% gain).”

As a result, bitcoin prices could reach $96,000 during a “during a strong bull run leading up to the Bitcoin ‘Halving’ in 2020,” he stated.

 

We thank Matt Chambers for this guest post.

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Bitcoin Price will reach $250k by 2022: Tim Draper

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Crypto fan and investor Tim Draper, who stood out as truly newsworthy over the crypto world when he obtained the Silk Road bitcoins from the US Marshals.

Bitcoin maximalist Tim Draper who earlier predicted BTC price to reach $250k by April, 2018 says BTC will reach $250,000 by 2022 during the Web Summit on 6th November.

A global and more open currency will dominate the world, says Draper, who believes Bitcoin will bring the power of money from banks to the common people.

“If we combine Bitcoin, block-chain with smart contracts and artificial intelligence, we could create the perfect bureaucracy.”

Draper says,

“Believe it, it’s going to happen – they’re going to think you’re crazy but believe it, it’s happening, it’s going to be awesome!”

 

Crypto Market Capitalization will reach $80 trillion in 15 years

Draper also predicted that the total market cap of cryptocurrencies will reach $80 trillion within the next 15 years.

“Cryptocurrency will go after trillion dollar markets these are finance, healthcare and insurance, banking and investment banking, and governments.”

At reporting time, Bitcoin BTC is trading at $6441 on Binance.

Check out the Top 5 Bitcoin Predictions in another article from Coinnounce.

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Will Bitcoin Price explode again?

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Cryptocurrency experts, including Overstock CEO, Patrick Byrne, believe that there is no need for bitcoin price to trigger an explosion in upcoming period

Cryptocurrency experts, including Overstock CEO, Patrick Byrne, believe that there is no need for bitcoin to trigger price explosion in the upcoming period. At the same time, they opine that price explosion could come from other digital coins. Their comments assumed significance since eight out of the top ten virtual assets had gained more than the leading asset price in the 7-day period. Bitcoin is the second least gainer among the top ten suggesting the shift towards other cryptos.

 

Mass Adoption

Without specifying any digital currency, Overstock CEO said that he sees mass adoption of virtual assets. During a recent interview, he expressed his skepticisms towards the existing financial system and pointed out countries such as Venezuela that are facing a severe financial crisis in the recent past. Though his company started accepting bitcoin since 2014, he is not sure whether bitcoin could fill the void on the possible collapse of the financial system. He left it to the situation to dictate whether it is going to be bitcoin or any other virtual asset.

A cryptocurrency trader, Craig Cobb, thinks that since the price of bitcoin remain stable and trade in $6,800 – $6,100 range, he does not believe anything could change unless it breaks out the range. Therefore, the price explosion could come from any other digital coins. For instance, Stellar’s supporters think that it is not only technologically advanced but also better suited for big-scale usage. Blockchain CEO, Peter Smith, said in a blog post

“(Stellar) token, XLM, enables quick, low cost, worldwide transactions, even when millions of people are using it at once.”

 

Sustained Stability Period

As far as bitcoin is concerned, there is no doubt that it enjoyed the most sustained stability period in its history. As a result, it was able to address the price volatility issue, and critics took advantage to paint it as unsuitable for mainstream payment. There is also a general consensus that there is unlikely to be any change in the trend at least in the near-term except any major events driving it otherwise. According to Finder Cryptocurrency Predictions survey for November, bitcoin could experience steady growth despite ambiguity in the upcoming months.

Finder.com CEO, Jon Ostler, said that its panelists think external forces will drive the market in the upcoming month, especially in respect of bitcoin. It is obvious that some decisions are expected on Bitcoin Exchange Traded Fund (ETF), whether positive or negative. Ostler also believes that bitcoin could witness steady uptick over the year 2019 and sees the price reaching $16,732 before the year 2019 ends. In short, the price increase in bitcoin depends largely on the outcome of the SEC rather than the mass adoption, which is expected from other virtual assets.

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