Bitcoin Today: compressed spring
Price
BTCUSD pair shows record-low volatility for the six days in a row, yesterday movement range was less than 1%. The main reasons for high uncertainty are considered the launch of ICE Bakkt futures (planned on December 12), likely recalling how the CME bitcoin futures launched last year are being blamed for the sharp drop that ensued since then; and a high degree of wariness associated with the Tether controversy. Such pattern of market behavior is often compared to the compressed string, foreshadowing big movements as soon as the price can break out of a narrow range. A downward breakthrough will send the price to test yearly low at 5750, a breakthrough above the wedge will send the price to 7000 level.
Today forecast
Today most probable trading diapason: 6500 - 6800. Breakthrough below the 6450 - high downward risk.
Latest news
BTCUSD pair shows record-low volatility for the six days in a row, yesterday movement range was less than 1%. The main reasons for high uncertainty are considered the launch of ICE Bakkt futures (planned on December 12), likely recalling how the CME bitcoin futures launched last year are being blamed for the sharp drop that ensued since then; and a high degree of wariness associated with the Tether controversy. Such pattern of market behavior is often compared to the compressed string, foreshadowing big movements as soon as the price can break out of a narrow range. A downward breakthrough will send the price to test yearly low at 5750, a breakthrough above the wedge will send the price to 7000 level.
Today forecast
Today most probable trading diapason: 6500 - 6800. Breakthrough below the 6450 - high downward risk.
Latest news
- Tom Lee opinion in more details
Tom Lee, the head of the Fundstrat and one of the most popular analysts in the cryptocurrency community, this week attracts media attention with optimistic forecasts for Bitcoin, despite the current price slump.
Tom Lee will soon be giving a speech at the BlockShow Asia 2018, which will be held in Singapore from November 27 to December 1. On the eve of this event, Lee expressed his point of view on the current situation in the cryptocurrency sphere and the future of digital assets and blockchain technology.
So, in an interview for the resource Crypto Chick, Lee said that Bitcoin has every chance to overcome the $20,000 barrier in 2019. According to his analysis, in 80% of scenarios similar to the current situation, the price of Bitcoin increased. Lee said that ETH also has a high chance of reaching a price level of $2,000, given its active distribution. According to him, even pessimists with respect to Ether have a chance for a profit if they buy tokens at the current price.
The analyst recalled that now the price of Bitcoin is very close to the average cost of mining, which makes it possible to predict a sharp price jump in the near future.
He also noticed that he expects to see Bitcoin as the most profitable cryptocurrency in 2019:
“Bitcoin is preparing to break out. It has found support around the $6,000 level, which equals the breakeven for mining costs … In the past year, we saw the best performing cryptocurrencies have had the best growth in active users (e.g., EOS, XLM, BTC, and DOGE). I at least expect Bitcoin to be one of the most profitable cryptocurrencies next year.”
Answering the question on Tether, Lee stated that he has no doubts in USDT and trusts the company.
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