With the rise of bitcoin in the last year, and the increased interest in cryptocurrencies that it has spawned, many experts believe that the price of BTC will continue to increase over the next few years. Some predict that BTC will hit $50,000 a coin in 2018, while others go so far as to say that bitcoin may one day reach $100,000 per BTC. Here we take an in-depth look at why some believe that bitcoin will continue to rise, and why bitcoin bulls still believe that bitcoin can one day be worth more than $50,000.
Bitcoin bulls have made a strong comeback today, with the price of BTC surging above the $40k level. The markets have been in a strong bear trend since the beginning of the year, with BTC dropping below the $3k level, but this month has brought renewed optimism. In addition to the major bitcoin exchanges reporting improved trading volumes, data shows that bitcoin is being used for real world transactions again. (Coin ATM Radar shows that there are now more than 1,400 ATMs across the globe that allow bitcoin to be conveniently exchanged for cash.)
To say that November was a good month for Bitcoin would be an understatement. The number one cryptocurrency by market capitalization saw an average of $5.5 million worth of BTC trade hands every single minute during the month, and the total transaction value of the digital currency was at its highest since December 2017. (A Bitcoin transaction, by the way, is what happens when you send Bitcoin to another person or company or exchange – these transactions are recorded in an online ledger called the blockchain.). Read more about bitcoin analysis today and let us know what you think.Bitcoin is still trading below the $40k barrier, but there are signs that the cryptocurrency could soon be heading for the next resistance at $43k. Bitcoin has seen a recovery this week after a sharp drop last week. At its peak, the leading cryptocurrency was up more than 37% from last week’s low. The rally has stalled, however, with bitcoin failing to break above $40,000 over the past 24 hours. Still, the market’s upward trend continues, and some analysts believe BTC could reach $43,000 in the coming hours or days.
Bitcoin Price Forecast
The four-hour chart of BTC/USD shows that the leading crypto currency has made an impressive recovery after falling to a multi-month low last week. The pair rose and retested the important resistance level at $40,000 and broke above the 23.6% Fibonacci retracement zone. The pair is also on the 25 and 15 day exponential moving averages (EMA). The BTC/USD pair is currently forming an inverse head/shoulder pattern, indicating a bullish signal. The bullish flag pattern that has formed could also indicate that the bulls are aiming for the next resistance at $43.174. If it continues to rise, the BTC/USD pair could test another key resistance level at $45,522. 4 hour chart of BTC/USD. Source: Coincide However, Bitcoin is currently trading above the $38,000 level. A drop below $36,000 would take away the bullish signal and allow the bears to take back control of the market. If the market continues to sell off, the BTC/USD exchange rate could fall below $35,000 for the second time in two weeks. Bitcoin’s technical indicators appear to be coming out of a downtrend. If not, last week’s losses could get much worse.The crypto-market rebounded sharply over the weekend, with Bitcoin regaining the $4,000 support level, and the total market capitalization hitting a new high of $115 billion. Investors appear to be unfazed by the SEC’s ETF rejection, as well as the tax season, which generally leads to a massive sell-off. As a result, the bulls are envisioning a strong run toward the $43,000 resistance level.. Read more about bitcoin price and let us know what you think.
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