Bitcoin Price will Surge to $400k – Analyst Predication
The cryptocurrency market and Bitcoin is in the longest bear market (14 months) in a small history of 10 years. The price of Bitcoin is like a rollercoaster going up and down many times in the past one and half year. Some crypto
Bitcoin and cryptocurrency market give dramatically returns in December 2017 and investors made up to 50 times in a single coin. Newcomers in the crypto market made heavy losses in this bear market.
The psychological Support $4000 is About to Break
Bitcoin is now trading at $3980 (at the time of publishing). This seems like the psychological support $4000 is boken. Bulls look tired and unable to defend their positions above $4000.
Josh Rager a cryptocurrency trader posted on twitter that Bitcoin is unable to hold above $4000. The buying pressure is very low and market will make a downside move again.
The key levels to keep an eye is $4200. If Bitcoin is able to break $4200 and hold the levels we will see some good upside moment. Now the critical point for Bitcoin is $3500-$3600.
Bitcoin is quiet stable for the past 3 months. The market is trading in a tight range of $3400-$4050. Some experts believes that the bear market is over and the market is now in accumaltion period.
Analyst predictions for Bitcoin price are that it will hit $400k in the long term. This is not a madman target. This is based on simple mathematics and what happens in previous bull runs.
This tweet attracts Bitcoinik interest and has a very good lesson for those who are waiting for the bottom. The risk/reward ratio does not make a significant difference if you buy now or buy the bottom.
The upside potential of Bitcoin is very high. The daily trading volume is just doubled in the past couple of weeks. This is very good sign of recovery.
