Bitcoin Price Forecast 8/30/2017

The market is ON FIRE AGAIN! Current MC: $166.58B (+$1.78B)!!! BTC Dominance 45.2%

How much higher can we go before the big money really steps in? Are we ready for mass adoption or is this just a crypto day dream? We have hit an all-time high market capitalization today- nearly $167B! That is enormous and you should know that one month ago we were at a mere $89B... That means an increase of nearly 90% in just thirty days. Even if you don't understand numbers you should realize how massive that is. We are going to hit $200B in no time folks!

In today's chart you will see that we had a small retracement down to $4481 before recovering somewhat. The price seems to be forming a wedge and the Stochastics indicate that there is strong support holding above $4500. The market cap is swelling as alt-coins get their day to shine. Ethereum is coming from behind looking to capitalize on Bitcoin's inherent flaws while privacy coins (DASH, XMR, ZEC, PIVX) are all seeing a spike as rumors of government regulation are spreading. Bitcoin prices should see another jump once the wedge tightens up even more.

There are only about 11,000 unconfirmed transactions right now in the mempool and this number has been steadily falling all week. Blocks are forming about once every 8 minutes which is about 20% faster than normal. Once Bitcoin clears more of this congestion we could see that spike up to $5K.

Likely Scenarios:

• BTC holds steady above the $4400 range as some profits are taken off the table
• BTC holds above $4500 as the price wedge continues to tighten up
• BTC gets a volume boost and we see the price pop up above $4600 today

TLDR Version:
The bulls and the bears are having a battle over turf. It looks like the high fees and transaction times continue to hurt Bitcoin so the price will continue to stagnate until we get more volumes. Expect another day holding around $4500-4600

Price Target: $4620

Alt-coins To Watch:

• ETH (going to skyrocket on update news)
• LTC (growing demand and increased usefulness)
• BCH (undervalued and rising)
• OMG (in the middle of a hype cycle)
• XRP (stabilized above 20-22 cents looking for next jump)
• EOS (SUPER cheap right now under $1.30)

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

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