Bitcoin analysis for 04/09/2017

Bitcoin analysis for 04/09/2017:

According to Aaron Lasher, the digital currency wallet Breadwallet co-founder and chief marketing officer (CMO), the market capitalization of Bitcoin might surge above $5 trillion in the next 10 years as of early September 2017. In an interview with MarketWatch, he said: "As a longtime Bitcoin holder, I'm greatly enjoying the recent price action, even though I understand that this bull market will likely be followed by a pretty brutal bear market. Are cryptos in a bubble? Yes, absolutely. Is that a bad thing? Not necessarily".

Current market capitalization of Bitcoin is projected to be around $78 billion. If Lasher anticipation is correct, then within ten years a single Bitcoin would be worth around $250,000. With the recent all-time highs at the level of $4,973 (in most of the exchanges), the market capitalization of Bitcoin is already bigger than world wide famous company Starbucks, but there is still a long hard road for the Bitcoin to unleash its full potential.

Let's take a look at the Bitcoin technical picture at the H1 and H4 time frame. As anticipated before, the top for the wave 5 pink had been established just under the level of $5,000 at $4,974 and since then the price is falling towards the next important support at the level of $4,154. Nevertheless, still, the most important technical support for the price is seen at the level of $3.585. Currently, the price has retraced 50% Fibo of the previous move up, but it still trades below the weekly pivot at the level of $4,544. The growing bullish divergence supports the bullish outlook for the market, so another test of the level of $4,615 or $4.691 might occur soon. The most important intraday support level for bulls is 61%Fibo at the level of $4,118.



The material has been provided by InstaForex Company -