Bitcoin Price Forecast 8/7/2017

We are breaking records almost daily now folks :) Current MC: $117.7B and slowly building!

Last night we broke the record for all time high market cap which was set around $116B. Bitcoin ALSO broke its all time high price trading at $3440 on Bitfinex. Support and investor confidence couldn't be higher as it looks like we are back in green territory!

Support lines are moving up almost daily and it is looking like another big jump is imminent. Last night I was analyzing the charts and noticed a pennant flag starting to form which usually means a large price swing is coming. As soon as the price hit $3290 the volumes started picking up and it was off to new territory. We pulled back to the $3320 zone after hitting that $3440 high as the boosters started to cool off. Currently hovering around $3350 range and looking for that new support zone to kick in.

In today's chart you will see that the BULL is back and we could be looking to break record highs AGAIN today or tomorrow. Massive volumes, serious support with mediocre resistance. The last week has been a fantastic one for traders and Bitcoin lovers alike. I doubt we will be looking at any major retracements until more SegWit2X drama erupts. Expect prices to hold steady between $3250-3400 today until we pick up more buy volume again later. Remember that the majority of alt-coin markets are traded in BTC so the hotter other coins are burning the more volume BTC will get. I think we are just getting started with this and we could be looking at $200B MC by the year's end.

Likely Scenarios:

• BTC drops down and finds it support in the $3250-3350 range holding strong for most of the day
• BTC holds at $3320-3350 range before pulling back up to $3400+
• Another spike in volumes sends BTC to record highs of $3550+

TLDR Version:
Expect another bullish day as investor confidence is at an all time high. Support is setting up higher but still lies around $3250-3350 today. Alt-coin markets will see a serious boost later today and tomorrow as BTC/BCH profits flow into other currencies and assets. Looking to break all-time highs AGAIN tonight.

Price Target:
$3550

Alt-coins To Watch:

• EOS
• IOTA
• OMG
• XMR

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