Bitcoin Price Forecast 10/15/2017

We ain't seen nothin' yet!!! Current MC: $169.5B (+$17B in 5 days) Bitcoin Dominance 54.2% (STILL VERY HIGH)

With the market cap growing almost daily now we have seen a massive shift from the alt-coin markets back into Bitcoin as people anticipate the hard-forks that are headed our way. The Bitcoin dominance is extremely high as BTC reclaims what was once its territory. We are only about $10.5B away from the all-time high for the market cap which we could break past very soon. Remember that as Bitcoin prices go up and down the alt-coin markets are drastically affected as a result. Once BTC prices kind of slow down we should see a slight shift back into the more popular alt-coins since many are undervalued.

In today's chart you will see that we had a massive surge over the past week which set the new record high at $5920 which is unbelievable! There has since been a slight correction as we have fallen below the moving average (~$5660) and are slightly oversold right now. This resulted in a retracement to the $5500 support level (0.382 on FIB scale) and further retracements are definitely possible considering how quickly the price jumped up.

Likely Scenarios:

• BTC falls back down to the $5250-5375 zone before finding a solid base of support
• BTC holds above the mid $5000 range before rallying back towards $5650+
• A nice pump in volumes sends us back towards $5850-5950

TLDR Version:
Bitcoin prices have grown a little too quickly and the market needs time to adjust. The $5K+ price is a bit high for many investors while newer investors with no frame of reference are simply buying at ANY price. Expect Bitcoin to hold between $5250 and $5650 until we can break past $6K

Price Target:
$5650

*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.)

If you would like me to do a price analysis or price forecast for a particular coin, token, platform etc please let me know in a comment down below :)!