Bitcoin, Ripple, Ethereum, EOS, Bitcoin Cash, Litecoin, Tron, Stellar, Bitcoin SV, Cardano: Price Analysis, Feb. 4
While some are predicting the end of cryptocurrencies, Twitter Co-founder and CEO Jack Dorsey is bullish on Bitcoin’s future.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by the HitBTC exchange.
While some are predicting the end of cryptocurrencies, the co-founder and CEO of Twitter Jack Dorsey has projected a very bullish future for Bitcoin (BTC). During a podcast with Joe Rogan, Dorsey said that he sees Bitcoin as the Internet’s native currency, his point of view later supported by Binance CEO Changpeng Zhao.
In a poll conducted by Finder.com.au, crypto experts predicted that Bitcoin will see a reversal of fortune in 2019 and can rally to $7,000 by the end of the year. The most bullish forecast among the respondents was made by COO of Digital Capital Management, Ben Ritchie who put the number at $9,500 by the end of 2019.
Mike Novogratz, CEO of crypto bank Galaxy Digital tweeted that the crypto prices might take longer to turn around. However, he is confident that the institutional players will take the plunge and carry the market higher.
We believe that cryptocurrencies are at a tipping point. A breakdown from the critical support levels will extend the bear market, while a sharp move up could signal a probable bottom.
Small range trading action continues in Bitcoin (BTC). The bulls could not push the price above the 20-day EMA in the past two days, which shows weakness.
The bears will now attempt to push the price to the critical support at $3,236.09. A break of this level will resume the downtrend and negatively affect the sentiment. The next support on the downside is at $3,000, which is a psychological threshold. If this level also cracks, the slide could extend to $2,600.
On the other hand, if the bulls scale above the 20-day EMA, the BTC/USD pair will rise to the 50-day SMA. We shall turn bullish if we see a range expansion to the upside that sustains for at least a couple of days. Such a move will indicate strong buying and a probable change in trend.
The downtrend line has been acting as a stiff resistance since late November of last year. A break out of this line is likely to attract further buying. We might propo