Bitcoin Price Forecast 7/20/17

Hold onto your hats people! WE ARE BACK IN BULL TERRITORY!!! Current MC: $92.8B

Stemming from the recent SegWit signaling news BTC has undergone a much needed rally the past several days. The likelihood of a split seems to be diminishing and investor confidence is regaining. In addition to a recent flood of new money alongside with increased interest from institutional investors we may see the rally break past the record highs from last month.

In the graph you will see a fresh resistance line that has been setup in the low 2700 range. BTC has been slowly been pushing up the resistance line all morning as people are waking up to this bull market. Perhaps the outlandish statements by some well known people may have influenced investor confidence (McAfee), or maybe it's the overall growing acceptance as an actual currency. Either way there is going to be some serious FOMO and some FUD right after.

We are most certainly going to break the $3000 mark in a few days if we continue to grow at this rate but as always there must be minor corrections along the way and I expect BTC to fall back to its moving averages at least twice before we can test that $3000 mark once again. Judging from the current bull market and some of the HUGE buy orders that were going through this afternoon I would say that a drop back down to the $2600 range is warranted (BLUE ARROW) and most likely going to become new support zone.

Likely Scenarios:

• BTC drops back down to $2600 or $2550 before re-testing the resistance lines in $2700 range
• BTC breaks past resistance and pushes up toward $2850 by tonight before retracing to $2650-2700
• BTC could skyrocket to $3000 by the end of the night if it picks up enough volume and then retrace back to $2700
• BTC could face a steep sell off down to 2400 range (much less likely)

TLDR Version:
Bitcoin is EXTREMELY bullish and most likely is going to continue this trend through the weekend. We could break the high that was set last month on June 11th by tomorrow if we pick up more momentum. Minor corrections expected to bring price back "down to earth" however over the next day or two.

*By the time I finished writing this post BTC price has already risen to 2730 range. Never invest more than you are willing to lose and do your own research before making any investment decisions.

AS ALWAYS REMEMBER TO FOLLOW, UPVOTE AND LEAVE A COMMENT DOWN BELOW :)