- Mike Novogratz has revealed his forecasts for Bitcoin (BTCUSD on xStation5) and Ethereum (ETHUSD) at the end of the year
- Head of Fundstart Thomas Lee illustrates yet more bullish predictions for Bitcoin for 2018
- Dash (DSHUSD) has established its new high being fueled by the Zimbabwean story
Bitcoin’s volatility has been fairly subdued recently as the price has found itself at a crucial support area which could be decisive where the cryptocurrency will go in the nearest future. On the other hand a while of calmness could be good time to come forth with the latest predictions for Bitcoin at the end of the year. Let’s begin with Mike Novogratz who is starting a $500 million fund to invest in cryptocurrencies as he repeated that Bitcoin could end the year at $10 000. He also compared Bitcoin to digital gold saying that “gold has value solely because people say it has value”’. Novogratz also reiterated that Bitcoin’s smaller rival Ethereum which could end this year at $500.
Even as the end year’s estimate presented by Mike Novogratz could be impressive there is yet more astonishing projection for Bitcoin suggesting that the most famous cryptocurrency could cross as much as $11 500 by the middle of 2018 meaning approximately a 40% gain from the current levels. This projection has been expressed by Thomas Lee who heads research at Fundstrat. He wrote in a note to clients that the November slump “cleaned up weak hands” and therefore his research team recommends steady buying of Bitcoin at these levels.
Bitcoin is trying to slip below a lower boundary of an ascending channel. The price could correct at least to $8000, however the more notable support zone could be found nearby $7500 as this level is also underpinned by a 78.6% retracement. Source: xStation5
Dash is constantly worth paying attention as well. Let us remind that the price soared yesterday on the back of the Zimbabwean story establishing its new all time high in the vicinity of $590. Nonetheless it appears that some traders want to cash in on their latest longs and therefore profit taking could occur. Looking at the chart above we could notice that the nearest support may be found a touch below $500. Source: xStation5
At the end of today’s analysis let’s mention Zimbabwe once again where a senior official for the country’s central bank Mataruka was reportedly to say that Bitcoin is not actually legal for use within the country. Even though there were unofficial remarks (not confirmed by the central bank) it could be supportive of the Dash-based plan aimed at tackling the beleaguered Zimbabwean economy. Having said that, Maturka also stressed that Bitcoin won’t be allowed until the central bank has drawn up a regulatory framework hinting that some form of regulations could occur.