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Bitcoin will have a bull run, Says Trace meyer

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Bitcoin Knowledge host and famous advocate Trace Meyer has suggested Bitcoin could hit $115,000 in 2018 after its improvement ends.

Wall Street Money Mountain ‘Lining Up’

The latest in a cluster of tough forecasts for the Bitcoin price to surface in recent weeks, Meyer tipped fellow analyst Tone Vays for suggestions on what to expect over the remaining months off the year.

He also adds that $115,000, despite being a theoretical possibility based on previous behavioral cycles, would be “much overvalued,”.

In accompanying comments he also wrote that;

 “Current (Bitcoin) run very similar to Jan-Mar 2013 run ($7->$266->$90; $700-$20k->$9k) with backlogged new accounts, etc. then Silk Road catalyst (salable supply shock) for $100->$1,200. Mountain of (Wall Street) money lining up,”

Presently Bitcoin is recovering from a price dip for last 48-hours since 2013’s Mt. Gox implosion.

Trading around $11,370 at press time, major exchanges had offered as little as $9402 per coin Wednesday, representing the lowest asks since late November.

Tempering 2017’s Epic Bull Run

On the topic of Wall Street participation moving Bitcoin markets, the publication suggested this week’s bonus allocation would result in a “buying spree” seeing cash flow into both Bitcoin and major altcoins.

According to the suggestions made by Mayer for Bitcoin due to extra investments Bitcoin will “overvalue” he further suggests that a fair price would lie between $9500 and $14,340. This means that average value that traders of the crypto currency (Bitcoin) should expect for the coming time of the year is the average value in USD on last Thursday.

Fundstrat’s investor Tom Lee a return to $20,000 in 2018, but that was before this week’s downturn. If it is managed until June it could result in a protracted move into new all-time highs.

“So I think Bitcoin is still something you should own,” he told CNBC in comments January 9.

What are your thoughts about Trace Mayer’s Bitcoin price prediction? Let us know in the comments below!

 

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6K support loosing strength

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$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.

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Crypto Market cap reached $275 billion

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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.

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Switzerland merging Cryptocurrencies with conventional banking

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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.

 

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