Bitcoin (BTC) is down 5% for the day but this is fairly insignificant in the crypto world when you calculate how much it has been up in the last few days. Bitcoin (BTC) seems to be following an Adam and Eve Formation. The same pattern can also be seen in most altcoins because they mimic the moves of Bitcoin(BTC) but more aggressively, which means they go up hard and come down hard. According to the chart above, there is room for Bitcoin to fall further or trade sideways the next few days. However, Bitcoin will most likely begin the next bullish wave after the weekend which will take it to $11,000 and possibly higher. Most crypto analysts have upped their price predictions for Bitcoin in light of recent developments.
Although we do not make predictions here at Crypto Daily, the predictions by most analysts range between $25,000 and $300,000 by the end of 2018. While these numbers may seem overstretched or unrealistic, they seemed exactly the same when Bitcoin was trading at lower prices of $500 and then $1000. This time around however, we have a lot of big money ready to buy which can blow the prices up astronomically which will also save John MacAfee a big embarrassment. Serious players like George Soros and the Rockefellers are circling cryptocurrencies waiting to get in. The same is true of 45 large financial institutions according to a report.
Bitcoin (BTC) currently looks ready for limited downside on the 4H chart. The price could cool down after a massive bull run. The way Bitcoin has been playing by the rules recently has made people even more bullish regarding its prospects and potential. I remember a lot of analysts, including myself were concerned when Bitcoin continued to rise in parabola with no signs of a correction. This is when analogies of tulip bulbs started circulating on crypto forums and most serious investors started to be concerned. However, the way Bitcoin (BTC) not only had a healthy correction but has also resumed on its bullish path is very confidence inspiring. This is exactly what smart investors look for when investing in a volatile and risky asset like Bitcoin (BTC) or other cryptocurrencies.
If the past is any indication, Bitcoin prices will continue to accumulate around current levels or higher in order to prepare for the next big bull run. The crypto market is yet to see a real bull run for the year of 2018. The market will most likely peak around December as the crypto market reach a new high for the year. It would be reasonable to expect a price in the range of $30,000 to $150,000 for Bitcoin by the end of the year. This will get us close to most industry predictions about cryptocurrencies. Markets always follow a boom and bust cycle. The boom cycle for Bitcoin started early in 2017 and then settled in early 2018 after which it will most likely head to its peak by December 2018.