Bitcoin Price Forecast 8/5/2017

We officially have a new high score ladies and gentlemen! Current MC: $112.2B and slowly climbing every day.

Bitcoin has shattered previous record highs in the past 24 hours and it couldn't be more exciting! Hitting a whopping $3,339.50 on Bitfinex and holding in the $3200 range already today. We may be looking at another bull run as more and more investors hop aboard the crypto-train. Volumes are up big time and support is very strong today. Alt-coin markets are also seeing a nice boost as we hover above $3250 right now.

In today's chart you will see that the massive spike in volumes yesterday led to us CRUSHING that previous high of ~$3,000 which was set on June 11th 2017. Since then we have bounced around the $3150-3200 range for a bit before jumping up another $100. The moving average and Bollinger bands appear to suggest an upward moving trend. The Stochastics indicate that we are slightly oversold and due for a pick-up any minute now. The new support is set around $3150 and has yet to be re-tested today.

Likely Scenarios:

• BTC holds around $3150-3350 throughout the day
• BTC picks up another spike in volume sending it to $3400+
• BTC retraces back down to $3080-3140 zone before picking back up to $3250

TLDR Version:

We are extremely bullish again today and looking to break record highs again today. Alt-coin markets are benefitting as a result of the recent price jump. Keep an eye on the $3150 support zone although new support seems to be setting up around $3250 now. If we can break past $3340 then we are looking at another $100-200 jump depending on volume.

Price Target:
$3350

Alt-coins to watch:

• EOS
• IOTA
• XRP
• OMG

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