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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!

Ethereum Loses Second Place Again. Pullback or Downtrend Resumption?

  • Thomas Hughes
    📈 Price Predictions

    Once again, Ethereum and Ripple switched places in CoinMarketCap rankings, with the latter moving to number 2 spot.

Ethereum Loses Second Place Again. Pullback or Downtrend Resumption?
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Once again, Ethereum and Ripple switched places in CoinMarketCap rankings, with the latter moving to number 2 spot. The difference in market cap is very slim, both digital assets standing at $14 billion, so another flippening is not out of the question.

We warned several days ago about a potential pullback on ETH/USD, but the speed of the current drop makes us wonder if we are dealing with a retracement to the short-term uptrend that started on the Dec. 15 last year or a resumption of the long-term downtrend of 2018.

Chart Analysis – ETH/USD

Having dropped almost 12% in the last 24 hours, Ethereum is now trading at 134 against the US Dollar and has reached a major turning point represented by the 200-period Exponential Moving Average on a 4-hour chart.

ETH/USD chart

True downtrend resumption will only occur when the low at $83 is breached, but until then a break of the 200 EMA could mean a major blow dealt to the bulls and one that would suggest a further drop. If the said barrier is broken, the next destination will be 127 and the trough at 117. The RSI has just entered oversold on a 4-hour chart, thus slightly increasing the chances of a move up.

Support zone: 127 and 117 (unclear how price behaves at 200 EMA)

Resistance zone: 50 EMA (red line) followed by 165 - 170

Most likely scenario: a touch of 127, possibly 117

Alternate scenario: recovery and move up based on the oversold position of the RSI

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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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