Bitcoin Price Forecast 9/6/2017
Hold onto your rocket ships we are headed to $200B! Current MC: $162.6B (+$10B) Bitcoin Dominance 46.7%
I bet you Janet Yellen is kicking herself for not buying Bitcoin :D The markets are looking healthy as a flood of money returns to the cryptosphere after prices took a healthy dip. If you held any crypto this weekend you probably lost a lot of money but the good news is we made some of that back yesterday and today. We will continue to make more over the coming week as that market cap swells again.
Bitcoin dominance is relatively high showing but has dropped about 0.8% in the last day. This indicates a flow of money back into alt-coin markets as they offer higher returns due to increased volatility. USDT (Tether) is also back to an even $1.00 down about 4% from it's high during the market slaughter.
I see a very nice bullish trend beginning to form after we recovered from our drop to $134.75B market cap. We are up almost $28B since our recent low and the next stop is somewhere around $200B and higher. Once the real flood of investment starts pouring in, from institutional investors, we will see record highs for almost every cryptocurrency as Bitcoin begins to approach that $7K mark. The recent market correction was necessary for this next leg up.
Currently there are rumors of a Bitcoin ETF floating around... That would be the perfect thing to catalyze the next rally.
In today's chart you will see that we have formed a nice upward trending channel and have shown an increase in buy volumes. We are above that $4350-4450 comfort zone and the next level of support is building around $4550. There could be an attempt at $4750-4900 by day's end but that would require a huge bump in volumes.
Likely Scenarios:
- There is a slight retracement to $4400-4450 before moving up again
- BTC continues the upward trend and we see $4650-4750 in the next few hours
- LARGE pop in volumes send us to $4900 by tomorrow morning
TLDR Version:
Many recent investors have become wary after the recent shakeout but BTC remains unstoppable. Expect prices to continue their ascent back toward $5K the next few days with building support in the mid $4000 range.
Price Target:
$4850
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
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Was that pullback the one that Clif High was talking about? He said there would be 1 before the big upswing to 10k
I think we are still overdue for a much larger correction. We could have dropped another few hundred before bottoming out if the whales triggered some stop loss orders.
If we are headed to 10K we will be seeing at least a couple more corrections along the way. Once we hit $7K you will see another serious correction sending us back towards $5K.
Don't mind another discount shopping time. lol
Bitcoin dont give a shit about Chinese regulations:) gogo :)
If anything, Ethereum had more to lose from the announcements as most of the ICOs are being conducted on its platform.
Yeah but if bitcoin going up others will fallow :) like usually
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An article was helpful. I also think that the cryptographic currency including BTC has a big advantage over the existing currency in terms of performance and it will not be soon, but I believe that it will be replaced.