Crypto Frontline

Where Will Bitcoin Go?

 Breaking News
  • Weekly Crypto Analysis December 17-23, 2018   Bitcoin We’ve just started the second half of December and last two weeks of 2018 are right ahead, unfortunately not as good as we expected for Bitcoin. For the...
  • The ICO market Continues to Be Depressed   The situation does not seem to get better for Initial Coin Offerings, as the overall market picture suggests the blockchain-based start-ups are raising far less money today than they...
  • Dutch Central Bank Wants to Regulate Cryptocurrencies   One by one, major European countries are seriously considering regulating cryptocurrencies and Netherlands is the latest one who points towards that fact. We’ve seen how France had adjusted cryptocurrency...
  • Ethereum Fork to Take Place in January 2019   The latest highlights are pointing out that the main Ethereum developers had finally reached an agreement for the long-awaited fork. Currently the third cryptocurrency by market cap, according to...
  • New SEC Delay for a Bitcoin ETF   Although at some point in time, there was some optimism emerging in the cryptocurrency market, as the appearance of Bitcoin-related ETFs will create a new flow on institutional money,...
  • Weekly Crypto Analysis December 10-16, 2018   Bitcoin The Bitcoin price continued to head south and breached below our short-term ascending channel, which we have spotted in our last weekly crypto analysis. As we have said...
  • Vestle Review   The Vestle trading platform provides traders with a web-based user interface and a mobile platform using state of the art technology.  The browser-based platform was constructed following years of...
  • French ICO-funded Crypto Asset Manager Approved   During 2018, there had been a lot of highlights from France and despite being one of the toughest countries in the world in terms of regulation, there were a...
  • Links Between Cryptocurrencies and the Stock Market?   There’s a huge online debate regarding this issue and unfortunately, most of the people are being misled by various “fake experts”. A lot of the people had talked about...
  • iFOREX Review The crypto currency market is continuing to develop and there are several ways that traders have attempted to capture gains within this new and exciting market. Initially, the only way...

Where Will Bitcoin Go?

Where Will Bitcoin Go?
November 29
08:22 2017

Bitcoin had been in the center stage in 2017, surging from 926 US dollar per bitcoin, to a high of 7772 US dollars per bitcoin. The move is unprecedented and managed to surprise even the most pessimistic analysts. With just one notable dip in August, overall bitcoin managed to have a staggering 850 % gain so far, this year.

Where will the price go?

As some technical analysts, like Sheba Jafari and Jack Abramowitz, are pointing out, the bitcoin price could continue on its way up, towards the 8000$ mark.

As they wrote, “This break indicated the potential for an impulsive advance, one that could reach at least 7941. This is the minimum target for a 3rd of 5 waves and should, therefore, be a level from which to watch for signs of a consolidation”, according to Bloomberg.

As you can see from our chart below, the trend does not show any sign of weakness so far, each consolidation being followed by a strong bullish impulsive move and each impulsive move was stronger than the previous one. That communicates that the appetite for buying had increased exponentially as the time was passing, a phenomenon that is very rare. Trying to speculate on a market turn is very tricky in this kind of situation as the trend can overextend and move higher than the original assumptions.

bitcoin chart

As the analysts interviewed by Bloomberg said, there is a possibility of a continuation towards the 8000 or even 8500, from our point of view, but following such a strong move on the upside, a corrective structure on the downside should be following, next year, most likely.

In terms of the negative aspects that could influence on the downside the price of bitcoin, we must mention the raising concerns over a tougher legislation which could influence the digital currency industry. Also, in the last few months, China has banned Initial Coins Offerings and Nepal had banned the use of cryptocurrencies. We do not expect that to take place in the western countries as well, but as a whole, the current price of bitcoin seems a little overvalued and we should see a correction taking place in the near future. The issue of Bitcoin taxation is also raising concerns and that could put pressure on the price, as well.