Bitcoin Price Forecast 8/13/2017
Bitcoin has proven yet again that it is the KING of the Crypto Jungle. Current MC: $134.7B and slowly marching forward.
Bitcoin prices remain relatively stable around the $4,000 mark again today as we begin to slowly lose some of that volume we saw over the past two days. The price rise has been rough on alt-coin markets as many of them have tumbled to new lows this month. As BTC prices stabilize however we should see some movement into alt-coins as investors take advantage of depressed prices again today.
In today's chart you will see that prices are hovering somewhere around that $4,000 mark as the graph begins to form a pennant flag or wedge. Typically when we see this kind of graph formation it means that we are headed for another breakout and this has been the case the past two times BTC's graph resembled this. You will also see that after we hit the all-time high of $4190 we had a round of profit taking which dropped the price back down to the $3840 range. Expect price ranges to tighten up in the $3900-4050 zone before we experience that pop in volume which will send us into a breakout. IF we experience another round of profit taking, however, then our support levels will hold between $3700-3800 today.
Likely Scenarios:
- BTC stabilizes around $4,000 range until we get more volumes to move up to record prices again of $4,500+
- BTC drops to $3,900 only to rally back up to $4,100 range
- BTC shoots up to $4500 zone by tonight upon another huge rally
TLDR Version:
Another bullish day on the Bitcoin markets has led us to record highs AGAIN. I don't see the bull run ending just yet but we are losing a little bit of steam. Price will hover in the $4,000 zone for a while before we see another breakout.
Price Target:
$4470
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
Please Remember To:
I still regret the day when one of my friend was almost begging me to buy some bitcoins from him, during the early 2012s straight 10 bucks each for 30 of them.
:(
Hindsight is 20/20. I missed the boat too so I know the gut wrenching feeling all too well. I heard of bitcoin several years ago but was too enthralled with penny stocks, leveraged ETF's, and such to buy any at the time.
BUT...we are here now and this community and currency are still young. Who knows if steemit will blow up like some people say it will but if it does then those of us who are here now, even people who just joined this past month, are going to be the next generation of people who reap huge rewards from cryptocurrency. I'm not quitting my day job or anything but I think about it from tiime to time when I'm kicking myself for not getting into bitcoin earlier.
Nice one man. BTC's first mover advantage is just too strong, even though it is inferior from a technological perspective. I am eyeing some of those alts to pick up if the go even lower ;) Good post, cheers!
I would go big on NEO and IOTA... ETH prices are super low considering Microsoft's most recent announcement (Coco network). Thanks for always checking out my forecasts :)
you're welcome sir. I am sure you are doing the same for me. Guess it is good to have a circle of people around you who are regularly upvoting quality articles ;)
Check out yesterday's forecast:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-8-12-2017
Feeling salty about missing the crypto boat?
https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
Don't worry:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-hype-cycle-is-just-getting-started
Alt-coins to watch:
@hotsauceislethal got you a $1.77 @minnowbooster upgoat, nice! (Image: pixabay.com)
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STOPNice blog. Interesting to see I'm not the only one that is thinking about this. The fluctuating market will result in the greatest price swings any market has ever seen. Besides coinmarketcap.com there is: https://www.coincheckup.com They seem to give this complete indepth analysis of all cryptocoins. Sorted by team, product, company, advisors, previous investors, etc. On: https://www.coincheckup.com/coins/Bitcoin#analysis To see the: Bitcoin Detailed report.