Not too many people have high expectations for the Bitcoin price at this time. That is not entirely abnormal, primarily because the value per BTC has gotten battered quite a bit throughout 2018. Even so, the speculators are still confident some exciting trends will materialize in the coming days and weeks. Whether that will be for better or worse, is a different matter altogether.
Temporarily Breaking Through to $5,900
For most people who have no technical expertise to evaluate charts, it seems to be a matter of time until the Bitcoin price goes down even further. In the real world, things often look less black-and-white when it comes to volatile assets. A chart outlined by DatTong paints a very interesting picture in this regard. He expects the BTC/USD rate to break upward in the coming days, and even hit as high as $5,940 before facing another dip.
That is a rather bullish outlook, albeit one that can also come true. Bitcoin has gone in the green earlier today, although it is in very marginal fashion first and foremost. There is a long way to go before BTC will ever hit $5,900 again, as that would require a near 8% gain compared to current price levels. It is not impossible by any means, but it seems unlikely to happen in a few days from today.
The $5m Long Shot by 2025
Leave it up to Bitcoin price speculators to come up with some bold and probably inaccurate predictions. For YugginVestor, there is no reason to see things in a bad spotlight whatsoever, as this trader is not interested in the short-term picture whatsoever. Instead, the Bitcoin price will skyrocket over the coming seven years and culminate at a value of $5,000,000.
While most Bitcoin holders would not mind seeing such a value being reached by 2025, the current market momentum makes it look very improbable. He also predicts the bear market is only “halfway”, which would indicate there will be more pain to endure until nearly 2020. October 2019 will signal a new bull market which can easily last for 24 months to push the value to $300,000. Hopium is a powerful thing in the Bitcoin world.
More imminent Pressure is Nigh
It is evident the current Bitcoin price trend is not overly positive by any means. The current price is part of an ongoing triangle, which can lead to a lot more negative pressure moving forward. If it fails to break resistance at $5,640 for an extended period of time, a new dip to $5,400 is not out of the question whatsoever. That would make a lot of speculators uneasy, although it would fit into the chart mentioned above.
For financial markets, corrections are usually a healthy thing. As long as Bitcoin remains above a value of $0, there is a fighting chance first and foremost. While this current negative pressure is annoying, it is also a sign of growth in a way. Bitcoin has been declared dead over a hundred times in the past, yet this run still shows that is a lot more complicated than people may think. Every sold BTC is being bought by someone else, regardless of the price.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com