This is some interesting commentary online for Bitcoin price predictions in 2018, if you have been investing in bitcoin. Bitcoin is bottoming, expect a 70 percent surge investors and cryptocurrency traders are advising.
The huge Bitcoin sell-off marks a great buying opportunity for savvy investors and cryptocurrency traders.
The old saying goes, “buy when there’s blood in the streets,” and that’s what I’m doing with the recent bitcoin price action.
Bitcoin traded to a low of $7,700, this level is a loss of 25 percent on the week and 40 percent on the year. That $7,700 low is ironic because it is the same level that it broke above and began a parabolic ascent in mid-November.
I am watching a key level at $8,650 and a continued close above that could signal immediate upside potential. The next level of resistance is $10,000, and a break back above that should bring further buying to the table, suggesting near-term upside to $14,500, a 70 percent jump from its current price.
On the other side of the coin, I believe we are witnessing a market-cap rebalancing. Many disregard bitcoin but most do not disregard blockchain technology.
While I expect bitcoin to recover from this low, I believe that there are cheaper and better technologies within the complex that are positioned for stronger gains. The five that I am focused on are ethereum, NEO, ripple, stellar and last but surely not least, VeChain. The cryptocurrency market cap reached a height above $800 billion, a number that is now cut in half. Bitcoin’s piece of the this market cap has slowly shrunk and is now only one third.
As buyers step back in I believe this trend will continue and I’m watching for these five to gain further ground.
This post was first published on https://www.cnbc.com/2018/02/02/bitcoin-is-bottoming-expect-a-70-percent-surge-trader.html