Bitcoin Today: no growth in 2018

17 Okt 2018

Price
Lowering volatility shrinks the price inside a narrow channel 6700 – 6800. For current lowering momentum, the 6800 (coinciding with 100-days EMA now) looks too stiff, so lowering price range could be an indicator of soon step down. 6600 – 6700 zone holds as a support for now, which soon could be tested; breakthrough below this level will change lateral outlook towards bearish and aim the price downwards to the 5750 - 6250 support zone. Upward impulse above 6800 – 7000 resistive zone could bring more positiveness to the market but seems unlikely regarding the fundamental field.

Today forecast
Today most probable trading diapason: 6600 - 6800. In case of crossing the 6600 - high downward risk.

Opinions

• Pantera Capital CIO expects 10x growth
  The co-chief investment officer of Pantera Capital, Joey Krug made this prediction during an interview with Bloomberg, forecasting that the next upswing could bring the cryptocurrency market cap to more than $2 trillion.
  “If you look at that next bull run, I think the crypto space overall could hit 10x from here.”
  Krug said that he believes the market is currently waiting on concrete adoption to catalyze a bull run. For this to happen cryptocurrency structure will need to achieve increased scalability, as the current state of cryptocurrency blockchain development similar to the internet dial-up era.
  “If you look at the internet, it’s easy to say, ‘Well, you just create an app, get some users, and then you solve the scalability problems.’ But these are all markets, and so if you don’t have scalability, you don’t have market makers, and so you don’t have liquidity.”
  In the meantime, Joey Krug notices that he believes the cryptocurrency market has hit a bottom, but it will remain range-bound until the next catalyst arrives.
  
• Mike Novogratz Explains postpones bitcoin bull run on 2019
  In a recent Bloomberg Television interview, famed bitcoin supporter Mike Novogratz explains why he thinks Q1 & Q2 of 2019 will be extremely positive for bitcoin. Novogratz, founder, and CEO of Galaxy Digital has previously declared the bottom of the cryptocurrency market and continues to be bullish on bitcoin.
  Mike’s appearance on Bloomberg was regarded to Fidelity Investments, one of the world’s largest financial service providers will be launching a cryptocurrency custody service. Fidelity, manager of more than $7.2 trillion in customer funds, becomes the largest financial provider to officially announce a cryptocurrency custody solution - a development Novogratz sees as very bullish.
  “We’ve been saying for a long time that one of the things that will get institutional investors involved in crypto is custody solutions...And they’re coming out with a world class custody solution aimed at institutions...that’s just another check.”
  Nonetheless, Novogratz emphasizes that price might take a while to catch up to the news. Fidelity’s custody product won’t be running until Q1 2019, and even then, investors will want to see Fidelity build a track record first so investment mass will grow gradually.
  Appealing to the CBOE & CME Bitcoin Futures (launched in December 2017) gaining popularity among investors slower than expected Mike Novogratz emphasizes:
  “Everything takes longer than you hope it does. The whole crypto ecosystem is still like a fourth grader…this stuff takes longer.”
  He admits that his firm is long on bitcoin, but they’re watching the $6,800 and $10,000 levels before being sure that more upward movement is coming: “You gotta take out $6800 first...I don’t see us breaking 10k by the end of the year.”