Bitcoin Price Forecast 12/2/2017

Current Market Cap: $333B (+36B in 2 days) Bitcoin Dominance 56.3% (+0.3%)

Will the real Bitcoin please stand up?

In 16 more days we will see once and for all who the REAL Bitcoin is when the CME Group (Chicago Mercantile Exchange) lists Bitcoin futures and options trading. Sometime during the second quarter next year other major exchanges are expected to follow suit and we will see a MASSIVE surge of investment into the cryptosphere.

The most recent "correction" or "crash" or whatever you want to call it was short lived as international demand has outgrown the exchanges at an exponential rate.

As you can see here the price went from around $11,400 down to $8800 on Bitfinex, one of the largest Bitcoin exchanges in the world, which recently has stopped trading for all US based customers. GDAX, another major Bitcoin exchange, saw prices dip down to the $8600 range during this same period. This actually represents a much smaller retracement than we have seen in the past and I was quite surprised how quickly the market rebounded.

This chart shows the past week's price action, and boy has it been JUICY! We saw a VERY quick bounce back to the $11,000 price mark considering that we haven't seen another major correction for around 17 days. Many people, myself included, expected the correction to be much larger and last longer... but that hasn't been the case.

We are slightly above the moving average and could see a nice retracement back to the $10K mark before moving further up. Stochastics indicate that we are slightly overbought and due for a slight sell off back to normal ranges.

Likely Scenarios:

• BTC drops back to the low 10K range before creeping back up past the 11K mark
• BTC continues to hold strong in the 11K range and pushes past all time highs
• We experience a massive spike in volumes and see a new high of 12K+ by tomorrow

TLDR Version:
The Bitcoin bulls are just getting started. The market movers are still trying to shake people out but are finding it harder and harder to do as we have seen it so many times before. Expect another week of bullish moves before another REAL correction happens.

Price Target:
$10,400

*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
(All pictures are free domain images from snappygoat.com or created by myself.)