Bitcoin may be set to push back to the US$20,000 mark, according to the latest analysis from Forbes.

The financial research firm writes that “Bitcoin and other digital coins, or alt-coins, have likely found a bottom” and predicts that the current down trend may be about to reverse, possibly with a significant bounce. 
 
Forbes analysts note that periods of cryptocurrency consolidation, or “purgation,” generally last 70 to 231 days and that Bitcoin “hit its all-time high in mid-December, almost 70 days ago”.
 

“Cryptocurrencies are also currently facing tougher oversight from several world governments and central banks, not to mention Facebook and Twitter’s bans on ads promoting them—obstacles they didn’t have to contend with back in 2011 and 2012,” Frank Holmes contributor at Forbes comments.

The current the 50-day MA is set to move to a death cross – a bearish crossover between the 50-day MA and 200-day MA – but sell-off is likely to run out of steam in the range of $6,600-$6,000, according to analysis from Coindesk, resulting in a bounce as the cryptocurrency hits bottom and reverses.
 
“Cryptocurrencies are still in their very early stages. To return to the comparison with tech stocks, we don’t know at this point which digital coins will be tomorrow’s equivalent of Amazon, Google, Apple and Facebook. A long-term view is key.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here