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[BTC/USD] Price Analysis: $10,000 for Bitcoin in 2019 — Is It possible? Of Course!
[BTC/USD] Price Analysis: $10,000 for Bitcoin in 2019 — Is It possible? Of Course!

Bitfinex Is Down: Fret Not, It’s Just Maintenance… Or Is It?

  • Thomas Hughes
    📈 Price Predictions

    Bitfinex servers went down and the website displayed the message “Scheduled Downtime – Back Soon”

Bitfinex Is Down: Fret Not, It’s Just Maintenance… Or Is It?
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Monday, Jan. 7, 2019, Bitfinex servers went down and the website displayed the message “Scheduled Downtime – Back Soon”. According to the cryptocurrency exchange, the maintenance was planned, and part of an attempt to upgrade “from the AWS cloud to a self-designed infrastructure optimized to high volume trading”.

However, some voices in trollboxes around the web were quick to speculate that Bitfinex is down for other, more obscure reasons. For now, there’s no evidence that Bitfinex is experiencing any sort of problems and we expect them to be online soon. Although Bitfinex is one of the largest exchanges, the price of Bitcoin hasn’t been affected in a negative manner by the downtime, and it’s even testing the key $4,000 mark.

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Currently trading around $4,030 (aggregate price, CoinMarketCap), Bitcoin has posted gains of more than 4% for the last 24 hours and almost 6% over the last 7 days. Most of the gains came yesterday, in a surge that lasted just a few minutes and took price above the 200 Exponential Moving Average on a 4-hour chart.

The quick move up could be attributed to low liquidity generated by the beginning of the new year or to whales moving large amounts of Bitcoin but either way, a key technical element was broken (200 EMA) and this will likely facilitate additional moves to the upside. Keep in mind that the RSI has already touched 70 (overbought) and is turning down, which means that we may see a pullback.

Support zone: 200 EMA (4-hour chart), 3820, 3700 (depending on your exchange, these numbers could be different, but the charts look almost identical)

Resistance zone: all round numbers above current levels (i.e. 4100, 4200, 4300, etc.)    

Most likely scenario: drop into 200 EMA followed by a move into 4100

Alternate scenario: sideways movement; no follow up to the weekend surge

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[BTC/USD] Price Analysis: $10,000 for Bitcoin in 2019 — Is It possible? Of Course!

  • Denys Serhiichuk
    📈 Price Predictions

    💸🤑More than 1 year ago, Bitcoin cost $10,000. Despite the fact that the most popular cryptocurrency and the whole market was in a bearish trend last year, there are still positive forecasts from experts for 2019. We prepared a Bitcoin price analysis to show that both technical and fundamental factors can get BTC back to the important level of $10,000

[BTC/USD] Price Analysis: $10,000 for Bitcoin in 2019 — Is It possible? Of Course!
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Contents

Bitcoin is still the most popular cryptocurrency in the world. This year marks 10 years since its creation. Last year was not the best for cryptocurrency holders. After a long lull, many hope the value of Bitcoin will increase. There is reason to believe that in 2019 the cost of this cryptocurrency will reach $10,000.

Causes of the possible comeback

In favor of the appreciation of Bitcoin, many analysts of Forbes magazine offer negative forecasts of other cryptocurrencies. According to them, they will gradually lose their popularity. Fewer people trust altcoins. Forbes analyst Naeem Aslam argues that the cost of Bitcoin will not fall below $2,000 and may well overcome the mark of $10,000.

BTC Price Analysis

Analyst and expert in the field of cryptocurrency forecasts Kevin Cook notes that this month the volume of BTC transactions is on the rise and over the past five months has grown by 150%.

Thus, today it is impossible to say that Bitcoin is losing popularity.

On the contrary, its dominance in the cryptocurrency market is almost 51%, which allows the cryptocurrency to remain the focus of attention of potential investors.

Recently, a well-known BTC supporter, Tom Lee, suggested that the fair price for a popular digital asset should be between $5,000 and $20,000.

Tim Draper, a widely known crypto-optimist, also confirmed his forecast for cryptocurrency and expects its value to be $250,000 by 2022.

Bitcoin in 2019: what to expect?

The rapid growth of the Bitcoin rate can contribute to its implementation into the economy as a means of payment, and not as a stock exchange instrument. Optimism is added by plans of some large businessmen to accept Bitcoin. Although it was conceived as an independent currency, its entry into the world financial system would breathe new life into it. Now the US Securities and Exchange Commission is considering the possibility of creating Bitcoin ETFs. The decision is likely to be positive. This will attract several hundred billion dollars of investments and will have a positive effect on the cryptocurrency rate.

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