Connect with us

News

Bitcoin could easily hit $40000 by end of 2018

Published

on

Michael Novogratz

Michael Novogratz, former fortress hedge fund manager is extremely bullish about the future of Bitcoin, he predicted that Bitcoin could easily hit $40000 mark by the end of year 2018

Bitcoin started this year with price below $1000 and now hovering around $10000 mark, making gains for this year at around 1000%, If we go by this growth rate, Michael Novogratz is absolutely right to say that, one of the main features of Bitcoin is that throughout 2017 there have been profit taking in that market and market saw dips on regular intervals, its not that Bitcoin is only going up, profit taking has been there on different points with new investors coming into the market regularly making people believe more and more than its not a bubble but limited supply of currency is the thing that’s making its price sky rocketing.

He mentioned that there is massive inflow of money from institutional and wealthier investors from US specifically, and that is opening up new horizons for Bitcoin to attract big investors from retail world, currently Japan and South Korea are 2 massive markets for Bitcoin and US is catching up with them to be the next hub for crypt market, recently CME announced the inclusion of Bitcoin future contracts which would attract new investments, making it more accessible for investors to trade Bitcoin.

His view on Ethereum

Michael Novogratz further mentioned that apart from Bitcoin reaching $40000 by the end of 2018, he thinks that as Ethereum is inching closer to $500, price of Ethereum could easily triple its current value by end of 2018, he mentioned that he is expecting the value of total market cap of crypto currencies to reach a staggering $2 trillion by the end of next year, Crypto currency market cap is hovering around $300 billion mark currently and he is expecting it to reach at the level of $2 trillion due to massive inflow from investors by the end of next year.

News

6K support loosing strength

Published

on

By

$6000 support level for Bitcoin is holding pretty well since Feb 2018, but every time price bounces off from 6K level it marks a lower top

Bitcoin support level is losing its strength day by day, traders expect a nice bounce from this level and strength in the rally to breach the $10000 mark but its not happening and now price is making lower tops every time there is a small rally.

Take a Look at the one week chart of Bitcoin at Bitfinex

According to many Technical analysts, weekly chart is looking scary and they are expecting as massive crash in prices if price breaks below the $6000 level and stays there.

Low volumes 

Another alarming situation for Bitcoin is low volumes, Bitcoin ‘s trading volume has dropped significantly in the last few months , in fact this month has been the lowest in more than 1 year and that shows investors are taking a back seat in this market, institutions are not yet ready to jump into the market and without money from big investors, it is not possible for Bitcoin  to rebound or reach All-Time-High levels in near future.

$6000 support history 

$6K support for Bitcoin started in Feb 2018, when Bitcoin crashed from $12000 to $6000 within few days after a wild crash. But price rebounded once it touched the $6K level and then after that it started making lowers highs (lower tops) and price rejected from $10K level then $9K and then $8K , made it ever so difficult for Bitcoin to rebound, but one thing was there all the way through, $6000 support level, although price broke below this level 1 or 2 times but not for long, price stayed above $6000, but now as the time is passing by it is getting more and more difficult for Bitcoin to keep this level of support as there is massive pressure from the bears and they can take the price down anytime in near future and if that happens, there will be panic in the market and selling pressure can take price down to  $5000 or even $4000 as well, on the other side Bulls must be hoping that $6000 support is protected once again.

Continue Reading

News

Crypto Market cap reached $275 billion

Published

on

By

Market cap of crypto currencies reached the level of $275 Billion after a spike on 4rth July 2018, Bitcoin maintaining its dominance at 42% , making it the biggest crypto currency in the world.

Bitcoin price currently trading at around $6700 after a 3% spike in the price , making it jump from $6500 to $6700 within minutes, analysts are predicting that this recent upside movement in crypto market in weak and need to sustain these levels in order to attract more buyers, otherwise overall bearish market is still in control.

$7000 is a key level for Bitcoin 

$7000 is very important level for bitcoin according to many technical analysts, If it breaks above $7000 and stays there then chances are that upside move will be healthy, otherwise bear will look forward to take control of the situation again.

Continue Reading

News

Switzerland merging Cryptocurrencies with conventional banking

Published

on

By

Switzerland is on the right track to become a Crypto nation and country is making efforts to allow cryptcocurrencies to fully access conventional banking .

Bitcoin and other crypto currencies has taken a big hit in brutal bear market of 2018 but that’s not stopping Switzerland to allow cryptocurrencies to fully access conventional banking system within the country. Switzerland is currently in progress and drafting rules and regulations for such collaborations.

Heinz Tännler, Swiss expert & finance director of Zug canton, told media earlier that politicians were moving to allow crypto companies to work with banks, adding that Switzerland’s central bank, financial supervisor and federal government “are willing to help”.

He said: “We hope to clarify relationships by the end of the year at the latest.

“Time is pressing, other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.”

“We have to push certain national institutions to resolve this problem quickly and effectively, but that now seems to be going well.”

Blockchain becoming the global phenomenon 

The concept of Blockchain is interesting and attractive for all the countries, many countries may disagree on the existence and usage of cryptocurrencies, but all of them agree with the fact concept of blockchain is not going anywhere and governments can benefit from this technology in various fields, but if you ask any expert of blockchain, he would tell you that success of Blockchain technology has to be linked with existence of crypto currencies, without crypto currencies, and ecosystem can’t exist, many governments around the world are slowly recognizing the fact and Switzerland is definitely on the right track if they allow crypto currencies to work in collaboration with the Banks, because many banks around the world are not allowing crypto currencies to offer services through them, but this initiative will open many doors in that regards.

 

Continue Reading

Trending

Copyright © 2017 Coinoshi.com