This is a question every Bitcoin investor i come across keep pondering over. Well the first realistic price we should be looking towards the 2nd half of 2018 is a retest of the $19,850 resistance made on December 17, 2017. So many investors have been speculating and looking towards the $50,000 or more price mark but i personally don’t think we will witness that price this year.
So if you are expecting a prediction of bitcoin price hitting the $50,000 mark, then this article is not meant for you. However if you are expecting a rebound of price to the north, then keep reading as i will hint on reasons why i think the bitcoin will recover its losses before the end of the year.
First of all, lets approach it from the technical view or analysis. So what is technical analysis? Technical analysis of a market refers to the analysing and speculating of a market using technical indicators such as chat patterns/candlestick formations, oscillator and trend indicators respectively.
If we apply that on the Bitcoin chart, we will see that price is finding it hard to breach the $6,000 psychological area as it has been tested on more than two occasions without a successful break of the support. Furthermore we can see on the weekly time-frame, the stochastic oscillator indicates that the market is already oversold. So logic applies that we should prepare for a bullish move.
Now lets visit the issue from another angle, the ‘FUNDAMENTAL PERSPECTIVE’. The fundamentals of any market refers to the reaction of the market on economic news announcement, institution and government polices e.t.c
Fundamentally there are ongoing rumors in the market about Facebook, Amazon and Google all looking into divesting into blockchain technology. This does not exclude the fact that several BIG banks, including Goldman Sachs announced that they will offer Bitcoin to their clients.
The CBoE (Chicago Board of Exchange) have just applied for an ETF (Exchange Traded Fund) to the SEC (Securities Exchange Commission). They are the only ones who are capable of delivering and they WILL get it. When all these fundamental factors kick-in, institutions will invest in cryptocurrencies and the inflow of capital will be huge, causing bitcoin price to eventually RISE massively!
Conclusively i see the Bitcoin making significant new highs in price few years from now (obviously not in 2018) as its a long term investment! Remember it took the cryptocurrency several years to achieve this level of success so if you are expecting a get rich quick price spike, you might be day-dreaming!