Bitcoin[BTC] sports an upward trend: Technical analysis and price prediction
Bitcoin is showing a reversal in trendline today. After a sharp surge in prices on June 4, it saw an immediate downtrend once it touched $6720. The prices again found support at $6562.2, however, experienced a breakout yesterday. It has displayed a downtrend since. Bitcoin is currently trading at $6,596.03 USD with a market cap of $11 billion and is dipping against USD by 1.77%.
BTC has experienced major fluctuations in the past month. Today BTC is struggling to reach above the $6600 resistance level. The price seems to have found support at $6466.2 and it is presently sporting an upward trend. The 30 EMA line is traced above the current price indicating a downtrend. Bitcoin is facing undue seller pressure at the resistance level therefore, the coin is finding it hard to break the resistance level.
Bitcoin price Prediction
Popular Bitcoin forecaster Thomas Lee lowered his Bitcoin price forecast for this year to $22,000 from $25,000. Lee argued that the price of the coin should be double that of the cryptocurrency’s mining costs. Bitcoin’s mining cost is currently at $9100. Doubling this cost and considering other variables he forecasts the price to touch $22000 before the end of 2018, reported CCN.
According to Walletinvestor, Bitcoin price can go up from $6510.690 to $13530.60 in one year. BTC price in five years is predicted to be $45272.00.
The long-term earning potential is 107.82% in one year.
Longforecast seems very doubtful about BTC. Their prediction shows a disappointing future for the coin. It anticipates a 32.5% loss by the end of the year and the price is predicted to touch $4310.
John McAfee, the founder of the popular McAfee antivirus software, is optimistic about BTC. He predicted that the price will reach $1 million by 2020 following last year’s prediction of $7000 which was well surpassed.
Bitcoin has a very optimistic investor community. It has been performing well in the cryptoverse since its launch and has established a strong anchor in the crypto market. Analysing the predictions of various experts, BTC price can be expected to rise above $15000 by the end of the year.
Legal Disclaimer: The content of this website (bcfocus.com) is intended to convey general information only. This website does not provide legal, investment, tax, etc advice. You should not treat any information on bcfocus.com as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc. We strongly suggest seeking advice from your own financial, investment, tax, or legal adviser. Bcfocus.com does not accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to the website.
Image via Shutterstock
Join our Telegram group