Since 20th September 2018, the crypto market has kindled a strong corrective run because of the tremendously oversold circumstances. However, as most crypto enthusiasts and investors projected, the significant upward trend and almost all major digital currencies and small market capitalization properties have made the market to retrace.
The $6,800 Target of Bitcoin (BTC)
Mike Novogratz, the famous billionaire investor with over 20% of his riches in the crypto space, has stated that $6800 is the big resistance mark BTC need to break out from in the coming months.
Logically, if Bitcoin beats the $6800 resistance level, it will drive the digital currency into the $7000 zone, which could empower the coin to test the $8800 resistance mark in the mid-term. Novagratz stressed that $6800, $8800, and $10,000 are the main resistance levels BTC will encounter.
Masayuki Tashiro’s Prediction
The short-term forecast of Novagratz is a reiteration Masayuki Tashiro- a famous Japanese crypto expert- who predicted that the value of BTC will hit $9000 very soon.
Tashiro based his prediction on the positive regulations made in Japan and South Korea, which he strongly believes will drive the value of digital currencies upwards by big margins.
The Future of the Crypto Market
Based on the trading volume and the momentum of the crypto market alone, there are high chances for the crypto market to potentially reach $250 billion soon.
Kevin Murcko, CEO of CoinMetro
“Despite Bitcoin’s fairly limited use cases, and even though its technology may be less sophisticated when compared to some other projects, it will likely continue to remain the market leader in 2019. Bitcoin still has the reputation and the liquidity that make it preferable to other cryptos.
“It’s difficult to put my finger on a price, however: Bitcoin’s value will continue to be driven by a great deal of financial speculation.
“It’s important to remember that the crash we saw with Bitcoin this year doesn’t indicate lack of long term value. The bubble may have burst in 2018, but there’s still enormous substance and potential in the crypto market at large.
“The dot-com bubble was a great example of this in action. What old school analyst saw tangible value in the internet? Amazon’s stock dropped to a low of $6 when the .com bubble burst, and today, the company trades at $1,500 per share.
“The cryptos that survive this crash will continue to gain strength next year, and in the years to come. Like Amazon and eBay, out of a collection of cryptos that fail, a small but significant minority will succeed.”
Mitch Blakeway, Head of Trading at Quantatex
“We expect a high degree of volatility in the very near future.
“A high level of Bitcoins has recently been moved from cold storage to hot storage by significant influencers in the cryptocurrency market. What this means is that investors who have the ability to move the market are gearing up to trade. This could mean moves greater than 10% in either direction.
“There are notable levels of support and resistance with support around the $2,850 level for Bitcoin and resistance around $4,000 therefore a break either below $2,850 or above $4,000 could lead to momentum in that direction.
“We believe that Bitcoin will eventually shrug off the recent weakness during 2019 and expect the price to retest record highs of $20,000 by December 2019. This is justified on a number of fronts.
“We expect an ETF in Bitcoin to be authorised by the SEC in 2019. We expect continued adoption of certain cryptocurrencies such as Ripple (XRP) by banking institutions during 2019, which will have the knock on effect of positivity for Bitcoin as other cryptocurrencies tend to be ‘pegged’ to Bitcoin.
“We also believe that once the selloff has finished there will be modest headroom above the current price which will allow for buying momentum.
“During the dotcom boom the price of Apple shares went from $1 to $4 before ‘collapsing’ to $1 again. It now trades at around $176 per share at time of writing, therefore anyone fearing the worst after the dotcom boom would have missed out whereas anyone with a bit of courage and forward thinking would have seen significant returns.”