- Bitcoin proponent Ronnie Moas predicts Bitcoin’s market capitalization could exceed Apple’s total market value
- Bitcoin (BTCUSD on xStation5) hands back some of its latest gains while its peers try to catch up
- Russia promises that initial coin offerings (ICOs) won’t “die” because of new regulations
- Bitcoin seems to be on track to a critical support area which could pave the way for a bounce
Bitcoin is quite easily giving back its gains being already markedly below $6000. On the other hand, other digital currencies such as Litecoin (LTCUSD), Dash (DSHUSD) or Ripple (XRPUSD) seem to be catching up as they’ve been on the sidelines of late despite a surge seen in Bitcoin. However, the ongoing pullback in the most famous virtual currency could prove to be a decent buying opportunity in the longer-term. This is especially true when we take into account the newest remarks from Ronnie Moas who predicts that Bitcoin’s market capitalization will outstrip Apple’s total market value.
At first let us mention that Ronnie Moas, being a founder and director of Standpoint Research, is a stock picker who predicted that Bitcoin would strike $5000. Nowadays he offers a much more mind-blowing projection suggesting that Bitcoin’s market value will catch up with Apple in five years. He also said that people need to start taking this seriously because today Bitcoin caught up with Goldman Sachs. Once he is right it would mean that Bitcoin’s market capitalization would exceed an astounding value equal $800 billion. Nevertheless, it isn’t the end of promising projections as he expects the price of Bitcoin is able to jump to $50 000 possibly within a decade and the market value could cross a trillion dollars.
Now let’s turn our focus on Russia which stole the headlines last week one the back of new regulations related to the cryptocurrency industry. According to Russian First Deputy Prime Minister Igor Shuvalov initial coin offerings (ICOs) won’t “die” due to fresh regulations. Moreover, the Russia’s President Putin weighed in on this topic as well and said that ICOs hold “tremendous potential” and should not be obstructed. All in all, those commentaries could be conducive to digital currencies.
Bitcoin could be prone to a bounce once the price stays above a crucial support nearby $5420. Source: xStation5
Technically the Bitcoin price could be continuing its slide in the nearest term, however a noteworthy support can be found in the vicinity of $5420. This level is underpinned by a local support line, a lower boundary of an ascending channel as well as by a 100 SMA – all of them could make this area hard to break to the downside. Thus, if the ongoing pullback strikes this level and a bullish candlestick is drawn thereafter, it could herald a possibility of a bounce towards $5800.