Bitcoin will surely overcome its historical maximum. A few reasons to believe it

Economist and cryptanalyst Alex Kruger is very optimistic about the future of Bitcoin. According to him, the current record price of cryptocurrencies will soon be broken. To such conclusion the expert came on the basis of several factors, the discussion of which he devoted to the message thread in his Twitter.

This morning, Bitcoin was trading at 10 $ 699. For the past day the price of the asset increased by 5.29 per cent, with its market capitalization has increased to 191 billion dollars.

Prediction: 50 thousand dollars for Bitcoin

Krueger encourages you to look at the chart cryptocurrencies on a global scale.

The probability of growth of BTC is much higher than the probability of his fall. Record the value of coins will be exactly broken in 2020 or 2021. After that Bitcoin will grow very quickly up to 50 thousand dollars.

The economist analyzed all discussed in recent days the factors that affect the price of Bitcoin in the opinion of the majority. The first of these — price drop to $ 8,500 , and filling in the gap on the chart Bitcoin futures, which are now traded on the Chicago Mercantile exchange (CME). Kruger said that in the past the chart of BTC is really falling to the level of the gap, but this does not guarantee that this scenario will repeat itself in the future with absolute certainty.

Look at this table. In the right column are the date of filling gaps. As you can see, in three cases out of ten that did not happen.

Source: Twitter

Moreover, gaps in the futures CME it is possible to shrug off, continues Krueger. During the formation of these gaps on a regular cryptomeria all the same transactions were carried out with fairly high trading volumes.

Further, the expert went through the key positive factors around Bitcoin at the moment:

  • the launch of cryptocurrency platform Bakkt 23 Sep;
  • interest in the cryptocurrency of major financial companies Fidelity, Ameritrade, ETrade and large investors;
  • the growing popularity of Bitcoin among ordinary people. To the tweet below Kruger attached graph search queries of bitcoin from China is search engine Baidu. In 2019, their number is steadily upward, although the level of December 2017 is still far away.

 

Source: Twitter

However, there is a portion of the negative. Now the average production cost of one Bitcoin ranges from 5500 to 6500 dollars. Given the relatively high value of the coin, the miners have no incentive to keep it long term. Cryptocurrency is drained, and this creates additional pressure on the market.

The forecast was commented by Grigory Pasechnik, chief editor 2Bitcoins.ru

Forecast Alex Kruger about the growth of Bitcoin to USD 50 thousand sounds bold and even a little fantastic, especially given the sagging cryptocurrency market over the last year. But does this mean that it is impossible to dismiss? No.

Here is a simple example: June 17, 2017, BTC worth of 2,494 USD. To record cost 20 098 dollars (and more than in eight times) is exactly six months. Could investors count on this growth that summer. Unlikely, but they got it. Now we are talking about a possible jump 2.5 times from historic highs, and two years later. Yes, given the positive factors in the industry and start Bakkt in September I can easily believe in such a scenario.

Well, at the end of the entertaining match — the Fibonacci levels marked with arrows on the graph below, perfectly fit the wave of growth of Bitcoin in 2019. Kruger does not exclude that there is a possibility of reducing the price of BTC to the red dotted line (the 0.618 Fibonacci level), which is 9080 dollars.

Source: Twitter

Recall that the Fibonacci levels is a Convention of technical analysis based on Fibonacci numbers.

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