Bitcoin: The Bottom Appears To Be In, Why Higher Prices Are Likely To Follow

article by Victor Dergunov
https://seekingalpha.com/article/4144436-bitcoin-bottom-appears-higher-prices-likely-follow?

Summary

  • Bitcoin has been on a wild ride since 2017, first a 2,500% gain, then a 70% decline, but Bitcoin still stands tall, higher by 700% over the past year alone.
  • Despite the numerous transient negative developments, most fundamental factors surrounding Bitcoin remain strong.
  • Moreover, some of Bitcoin’s transactional shortcomings are likely to be largely alleviated by the introduction of the Lightning Network later this year.
  • A technical image suggests Bitcoin may have reached a bottom in recent days, as a massive wave of panic selling collided with a surge of buying interest below $6,000.
  • The Bottom Line: Bitcoin is likely going significantly higher throughout the rest of 2018.

Bitcoin 2-Year Chart

In addition, the $6,000 level is consistent with extremely strong technical support in Bitcoin, and is the bottom price target I assigned to Bitcoin in several previous articles. There is always the chance of a retest of the $5,000-6,000, but it is extremely unlikely that Bitcoin will fall through this support level.
Posted 2 hours ago by Jack Stewart

Regards and Keep On Winning ,

Jack Stewart

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