Bitcoin Price Forecast 1/2/2018

in #bitcoin • 7 years ago

This may very well be the best money making opportunity of our lifetimes. Current Market Cap: $663.3B (+$53.4B in 4 days) Bitcoin Dominance 37.4% (-2.8%)

bearCave01022018.jpg

In the wake of the recent network congestion we have seen Bitcoin prices struggle to gain any momentum. High fees and insane transaction times have been putting additional downward pressure on the price. Today, however, we saw a gain of 10% in BTC prices but it is still struggling to maintain dominance over a never ending supply of new alt-coins.

When Bitcoin becomes too expensive or too slow to use it forces people to get creative and try new methods, such as sending alt-coins for payment. It has caused a FLOOD of money into other coins as a result and I fully expect this trend to continue as more people begin to branch out into better alternatives. This has essentially turned Bitcoin into a STORE OF VALUE rather than an efficient peer to peer currency. As this market continues to mature we may see Bitcoin assume new roles in the financial markets as other coins replace its utility.

What will 2018 bring for this ever expanding marketplace? Will Bitcoin be overtaken in dominance once and for all or can it stave off the minions clawing at its back?

BTCforecast01022018.jpg

In today's chart you will see that we are above the moving average (~$13.5K) and looking to maybe go even higher by tonight. Stochastics show that we are in Overbought conditions and the MACD is showing a bullish trend. We should see a retest of that $15,500-$16,500 resistance zone before pulling back. If we can break past and establish that old support zone by closing above $16K today then expect another bull run for BTC prices over the coming week.

Likely Scenarios:

  • BTC struggles to maintain momentum and bounces between $13.5K-14.5K
  • BTC continues to rise approaching that $15-16K zone before retracing back.
  • We experience a nice push in volumes which allow the resistance to be broken and close above $16K.

TLDR Version:

Bitcoin is taking its beating like a champ and still going strong. The alt-coin markets are absolutely flourishing as a result of BTC's high fees and network congestion. Expect this to continue to put downward pressure on the price keeping us in the mid $14-$15K zone for most of the day.

Alt-coins To Watch:

ALL OF THEM (seriously!)

*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.)

#blockchain #crypto #money #cryptocurrency
7 years ago in #bitcoin by
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     7 years ago 

    thank you for the heads up @hotsauceislethal, i bought some crypto at a low price trying to HODL i , i think it's one of the secret hehe , will be lucky when it goes up :D

    Any advice from you is highly appreciated ;)

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     7 years ago 

    Buy and hold seems to be the best strategy for now especially if you are new and don't know what you are buying. If you like a particular coin put a little bit into it and cost-average yourself in rather than going head first. Many of my homeruns recently have been with coins that I put $50-100 or so into and just left for a few months. I have gotten 10-20x returns on some of those!

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     7 years ago 

    To the moon!!!!! Hey I️ just posted somthing pretty cool. Hint: it heals the nation!!

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     7 years ago 

    I'm a bit new to crypto, your posts and analysis are really putting me through. Want to purchase my first alt-coin, which will you advice for the best returns?

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     7 years ago 

    Honestly there are so many good projects. You need to really do some serious research and think about which coins fit into your portfolio.

    First ask yourself what kind of trading you are willing to do. Long term or short term. Are you looking to return your initial investment quickly or let it ride?

    I have something like 35-40 different coins at any given time and I have different reasons for why I like each project.

    I just picked up some XVG, NXT and LINK yesterday since those were all coins I didn't have in my portfolio yet. I picked them based on fundaments as well as relatively suppressed prices after correcting (especially NXT).

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     7 years ago 

    Thank you very much for your reply. I think I will start with this three you just listed above, then later i will consider others.
    For time frame of the returns, i plan on making it long time investment.

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       7 years ago 

      Do you think that current and continuing sanctions against North Korea, Russia, Iran and the likes could be a driving factor behind the recent growth in value with crypto currency?

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