Commentators and observers have seen Bitcoin (BTC) lead, as usual, a market surge this month, with two notable peaks around the 13th of April and again around the 21st of April. Each significant movement has been met with strong support from the markets on the whole, with the 13th of April jump being part of a much bigger overall market surge. Tron has doubled and other lesser coins have surged.
As a result of the collaborative bull trend, investors are predicting a bigger bull run to take place soon, Bitcoin is still showing signs that this could happen.
Unless you have been under a rock, the market has had a slight correction period with most currencies on a gentle, steady decline or known to amateurs as “bleeding”. Most experienced a pump and dump greater than the 2000 tech boom or the Dutch Tulip hype so its likely general market correction.
At the time of writing, Bitcoin is valued at $9,300.67 and is up 0.36%. It’s nice to see Coinmarketcap in the green across the top 50 rather than the red we have become accustomed too.
With the $10,000.00 target realistic and now achievable it’s only a small % rise away from hitting this.
$10,000 then what?
We’ve said before, Bitcoin is the USD or the crypto world and most are pegged to its success. $10,000.00 has a nice, psychological few to it and could lead to strong support to its floor, it could be the sign that other investors need to re-affirm that their investment will move up to $20,000 soon enough.
It is a matter of perspective and market sentiment, regardless of all of this, the should another bull run take hold soon, we should see the magic $10,000.00 hit home, sooner, rather than later.
The technical analysis
I have said several times that technical analysis on Cryptocurrencies is impossible and inaccurate. This is true because of its infancy and volatility. However, there seems to be some credibility to the latest analysis.
Bitcoin seems to be following what is known as an Adam and Eve Formation. The same pattern can also be seen in most altcoins because they replicate the price action of Bitcoin. According to the chart below, there is room for Bitcoin to fall further or trade sideways the next few days. However, Bitcoin will most likely begin the next bullish wave after the weekend which will take it to $11,000 and possibly higher. Most crypto analysts have upped their price predictions for Bitcoin in light of recent developments. Admittedly the $100k predications of 2017 have gone quiet.
We make few predictions at Forex News Shop, unless we have consulted the experts but the predictions this time, now we have more developments and progression, you can expect to see a lot of big money ready to buy which can skyrocket prices again. Serious players like George Soros and the Rockefellers are circling cryptocurrencies waiting to get in. The same is true of 45 large financial institutions. It’s not if it’s when which a crucial distinction. Confidence is just as important.
Bitcoin (BTC) currently looks ready for limited downside on the 4H chart. The price could cool down after a massive bull run which is understandable as investors cash in profits. However, the way Bitcoin (BTC) not only had a healthy correction but has also resumed on its bullish path is very confidence inspiring. This is exactly what smart investors look for when investing in a volatile and risky asset like Bitcoin (BTC) or other cryptocurrencies.
Economists are fantastic about analysing the past but not brilliant at predicting the future. If the higher lows continue and higher highs then Bitcoin prices will continue to accumulate at current levels or higher in order to prepare for the next big bull run. The crypto market is yet to see a real bull run for the year of 2018 but this could be it. The market will most likely peak towards the end of the year. It would be reasonable to expect a price in the range of $30,000+ for Bitcoin by the end of the year with Altcoins in pursuit. This will get us close to most industry predictions about cryptocurrencies. Markets always follow a boom and bust cycle and the boom cycle for Bitcoin started early in 2017 and then settled in early 2018 after which it will most likely head to its peak by December 2018.
