Bitcoin Breaks $5,000, Where To Next?
Bitcoin decisively broke the $5,000 barrier today.
It wasn’t that long ago, September 2, that we were a whisker away from $5,000. But then the market sold off a little. Then there was that whole China thing. And let’s not forget Jamie Dimon’s comments. By September 15 bitcoin touched $3,000.
That did not last long, however, and now less than a month later we’ve broken through $5,000. So the question is, where to next?
Since they breakout bitcoin has reached a high of $5,385 and trades around $5,340 as I write.
Before I get to my projection we’ve seen a couple of bitcoin experts give theirs recently.
The first was from Miki Novogratz. For those not familiar with the name he’s a billionaire. He used to be a hedge fund manager at Fortress Investment Group. And back in April he made news when he said he had 10% of his wealth in crypto-assets like bitcoin and Ethereum.
Now Novogratz is back in the news. First, he’s coming out of retirement to start a $500 million fund for cryptos. And second, in a recent interview he projects bitcoin will be $10,000 in six to ten months. So that’s between April and August of 2018.
The next price projection came from Trace Mayer. He’s a crypto OG in my opinion as I learned about bitcoin from him back in 2012. He’s also on record recommending bitcoin at $0.25. That may go down as the greatest call in history.
His price projection is a bit more optimistic, $27,395 by February 2018. His argument is that bitcoins 200 day moving average will be $5,767 by then and that, at fair value, bitcoin trades at 4.75 times its 200 dma. And that gives you $27,395, see below.
My short-term prediction, the next 3 to 6 weeks, is $7,000 to $7,500. Basic technical analysis tells us the breakout should at least cover the last move down from 5k to 3k. That gives you $7,000. And I think we could overshoot to $7,500 based on bitcoin’s movements compared to its 200 dma over the last year.
Come 2018 I think we’ll be knocking on bitcoin $10,000.
What’s your price prediction for bitcoin?
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Interesting approach to analysis by Trace Mayer.
Thanks for sharing. I have never seen that before, and it does look like it may be useful approach to analysis
@davebrewer yes, @g-dubs is very good at finding this kind of quality posts you don't find everywere. This is great information and predictions from top guys in crypto, very early adopters. Upvoted your comment. @gold84
Thanks! Trace is a good guy to follow for bitcoin.
10k
Nice, I'll go get another 0 ;-p
I think it will drop again at the end of the month when chinese exchanges finally close down. And perhaps again with the next fork, although the previous fork didnt have much effect. All the forks might have some long term impact though. LTC has also been going up in the past 24 hours. By about $10. So its also something to look at.
The People's Congress is on the 18th in China. Maybe after then we see some positive crypto announcements, govt blessings. We'll see, hard to predict China.
I like LTC too.
Is there anyone who is both miner and investor in cryptocurrencies? What would be your advice to someone who is thinking about trying mining instead of investing? Is it even worth it at the moment? (After doing research I made a conclusion that it's better to invest but I still, want to hear from the people who are experienced in both fields. )
Is there anyone who is both miner and investor in cryptocurrencies? What would be your advice to someone who is thinking about trying mining instead of investing? Is it even worth it at the moment? (After doing research I made a conclusion that it's better to invest but I still, want to hear from the people who are experienced in both fields. )
There's no reason you can't do both. I do cloud mining w Genesis and also sent a miner to Giga Watt, although it's not set up yet. There's also a bunch of coins where you can do PoS mining. The #'s can be tricky bc cryptos are so volatile. I've done well bc I just do BTC.
big numbers
My prediction $6500 right before the fork on the 25th and $7000 end of the year.
Great post, I appreciate your work, I'm a 20 years experienced trader from Italy, I leave you my upvote and follow, it would be an honor to have you among my own followers!
Thanks for reading! Followed back ;-)
great post, as usual!
Thanks!
its over 5600 now