Bitcoin Price Forecast 8/12/2017

HOLY SMOKES! Bitcoin is on FIRE!!! Current MC: $133.5B (+$6.1B since yesterday)

I don't think Bitcoin will be slowing down this quarter but it certainly will need to take a breather after the past few days! We broke record after record and it seemed there was no stopping it. Prices jumped to nearly $4,000 USD (or higher on some exchanges) as a frenzy of new investors pumped money into the cryptosphere. Alt-coin markets suffered as a result of Bitcoin's growth as prices tried to balance out the gains. We can expect some of the Bitcoin money to flood back into the depressed alt-coin markets pretty soon however as investors eyeball the discounts.

At the time of writing this Bitcoin is EXTREMELY volatile and dropped about $100 in less than 30 minutes. It already retraced back down to light blue zone (light blue arrow at ~$3720) and could fall even further by tonight. I think we will see a quick pull up as people who invested near $4K see $3700 as a cheap entry point. We should pull back to $3800+ and then fall back down again.

Likely Scenarios:

• Increased volatility and profit taking will drop BTC down to $3650-$3600 zone before finding some serious support.
• BTC holds steady around $3750 before going for a second run up tonight
• BTC gets another round of HUGE buy orders and soars past $4K landing somewhere around $4100-$4300 before another sell off.

TLDR Version:
Bitcoin shot up like a rocket yesterday and there is going to be a round or two of profit taking as the market experiences some growing pains. The volatility is going to be EXTREMELY high so be careful with your entry points. We have already seen a 50% retracement of yesterday's movement so depending on volumes we could see 4K+ by tonight but watch for bearish trends.

Price Target:
$4350

*Never invest more than you are willing to lose and always do your own research before making any investment decisions.

Please Remember To: