Bitcoin Market is experiencing a massive bearish run from the past few days as the price fell from a high of around $6600 to a low of around $3600. The most major support around $3500 seems impossible to be break despite the massive attempts by sellers. Many people are predicting the market crash is being done by large institutional investors in order to buy bitcoin at cheap before it enters Wall Street so they can sell at high to their customers later on. However, today bitcoin gained momentum and moved upwards above $4000 which is a major relief point for bitcoin hodlers and investors.
Reasons to buy Bitcoin now:
Some cryptocurrency analysts who were earlier predicting bitcoin to fall below $3000 range have now backed out of their predictions and believe the market may start a bullish run before the year-end. After weeks of selling pressure by the bitcoin bears, now it seems that the sellers are now dead-tired as the support above $3500 seems impossible to break. A recovery up to $4800 is predicted for today. Also, after a $530 Million hack Coincheck exchange is back in operations are deposits have opened and purchases of XRP and FCT has started. Users can now deposit and withdraw cryptocurrencies in YEN.
Bitcoin Predictions for 2019
Here are some bitcoin predictions for 2019
1. John Mcafee: $170,000
2. Tom Lee: $36,000
3. Sonny Singh: $20,000
4. Michael Novogratz: $20,000
5. Ronnie Moas: $28000
6. Fran Strajnar: $200,000
7. Aaron LePoidevin: $20,000
8. Joerg Molt: $20,000
9. Tim Draper: $100,000
10. Finder: $43,000
Bitcoin Price Analysis
Bitcoin is down by around 23% this week as the bear market was taking over the bulls but today, the bulls have returned stronger trying to push back the price above the current resistance at $4200. Bitcoin is currently trading around $4119. The price is expected to rise above $5000 very quickly once the price rises above this resistance. If the buyers breach and close above the $4200 resistance mark then the next resistances are set around $5000 and $5700.
This article is only the viewpoints of the author and the author is not a financial advisor. You should do your own due diligence before taking any position in Bitcoin or any Cryptocurrency market.
