Bitcoin Price Forecast 8/20/2017

Bitcoin is coiled like a spring and ready to explode again. Current MC: $146.5B (+$1.8B) BTC dominance 46.6% and dropping!

Bitcoin prices have stabilized over the past day as we the alt-markets slowly regain some of their lost territory. There are some big gainers out there today so make sure you keep an eye out for bargains when they come along folks! The crypto markets are alive and well as we have grown over $50B in market cap in the last month alone! The best technique is often buy low and set it and forget it!

Although not immediately apparent Bitcoin is forming a wedge pattern (pictured below) which could be a very good thing for the entire market. Even though BitcoinCash has become more profitable to mine, traditional Bitcoin miners are still being faithful knowing that in the long run BTC will prevail. We have tightened up the ranges between $4000 and $4200 and the alt-markets are just LOVING the stability. Expect to have nice support above $4K today as Bitcoiners regain some confidence in the original chain amidst all of the drama.

Likely Scenarios:

• BTC breaks out of the wedge pattern and shoots past $4250
• BTC stabilizes in the $4K range again today not being able to break past the $4200 resistance barrier
• BTC volumes pick back up and we jump to $4350 by tonight

TLDR Version:
Bitcoin is stabilizing after giving back some of its dominance to the alt-coin markets. Expect prices to hover in the $4K range today until we can break past the $4200 resistance line.

Price Target:
$4350

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